| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22863 |
| 来源ID | Working Paper 22863 |
| Is it the \"How\" or the \"When\" that Matters in Fiscal Adjustments? | |
| Alberto Alesina; Gualtiero Azzalini; Carlo Favero; Francesco Giavazzi; Armando Miano | |
| 发表日期 | 2016-11-28 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Using data from 16 OECD countries from 1981 to 2014 we study the effects on output of fiscal adjustments as a function of the composition of the adjustment – that is, whether the adjustment is mostly based on spending cuts or on tax hikes – and of the state of the business cycle when the adjustment is implemented. We find that both the “how” and the “when” matter, but the heterogeneity related to the composition is more robust across different specifications. Adjustments based upon permanent spending cuts are consistently much less costly than those based upon permanent tax increases. Our results are generally not 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 consolidations implemented during a recession. |
| 主题 | Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w22863 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580537 |
| 推荐引用方式 GB/T 7714 | Alberto Alesina,Gualtiero Azzalini,Carlo Favero,et al. Is it the \"How\" or the \"When\" that Matters in Fiscal Adjustments?. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22863.pdf（546KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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