| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10425 |
| DP10425 Does austerity pay off? | |
| Gernot Müller; Johannes Pfeifer; Benjamin Born | |
| 发表日期 | 2015-02-15 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We ask whether cuts of government consumption lower or raise the sovereign default premium. To address this question, we set up a new data set for 38 emerging and advanced economies which contains quarterly time-series observations for sovereign default premia, government consumption, and output. We find that whether austerity pays off depends on a) initial conditions and b) the time-horizon under consideration. Spending cuts in times of fiscal stress raise default premia, but lower premia in benign times. These findings pertain to the short run. Austerity always pays off in the long run, but particularly so if initial conditions are bad. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal policy Austerity Sovereign risk Default premium Local projections Panel var Fiscal stress |
| URL | https://cepr.org/publications/dp10425 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539257 |
| 推荐引用方式 GB/T 7714 | Gernot Müller,Johannes Pfeifer,Benjamin Born. DP10425 Does austerity pay off?. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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