全球智库信息集成服务系统(G2TT): DP11644 Is it the "How" or the "When" that Matters in Fiscal Adjustments?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP11644
	DP11644 Is it the "How" or the "When" that Matters in Fiscal Adjustments?
	Carlo A. Favero; Alberto Alesina; Francesco Giavazzi; Armando Miano
发表日期	2016-11-18
出版年	2016
语种	英语
摘要	Using data from 16 OECD countries from 1981 to 2014 we find that the composition of fiscal adjustments is much more important than the state of the cycle in determining their effects on output. Adjustments based upon spending cuts are much less costly than those based upon tax increases regardless of whether they start in a recession or not. Our results appear not to be systematically explained by different reactions of monetary policy. However, when the domestic central bank can set interest rates -that is outside of a currency union- it appears to be able to dampen the recessionary effects of tax-based consolidations implemented during a recession. This finding could help understand the recessionary effects of European austerity, which was mostly tax based and implemented within a currency union.
主题	International Macroeconomics and Finance
关键词	Fiscal adjustments plans Output effect Fiscal multipliers State-dependency
URL	https://cepr.org/publications/dp11644
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/540458
推荐引用方式 GB/T 7714	Carlo A. Favero,Alberto Alesina,Francesco Giavazzi,et al. DP11644 Is it the "How" or the "When" that Matters in Fiscal Adjustments?. 2016.