| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12016 |
| DP12016 The effects of Fiscal Consolidations: Theory and Evidence | |
| Carlo A. Favero; Francesco Giavazzi; Alberto Alesina; Matteo Paradisi | |
| 发表日期 | 2017-05-02 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We investigate the macroeconomic effects of fiscal consolidations based upon government spending cuts, transfers cuts and tax hikes. We extend a narrative dataset of fiscal consolidations, finding details on over 3500 measures. Government spending and transfer cuts are much less harmful than tax hikes. Standard New Keynesian models match our results when fiscal shocks are persistent. Wealth effects on aggregate demand mitigates the impact of a persistent spending cut. Static distortions caused by persistent tax hikes cause larger shifts in aggregate supply under sticky prices. This channel explains different sizes of multipliers found in fiscal stimuli compared to consolidation plans. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Fiscal consolidation plans Fiscal multipliers |
| URL | https://cepr.org/publications/dp12016 |
| 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/540828 |
| 推荐引用方式 GB/T 7714 | Carlo A. Favero,Francesco Giavazzi,Alberto Alesina,et al. DP12016 The effects of Fiscal Consolidations: Theory and Evidence. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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