G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10425
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
URLhttps://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.
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