| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23147 |
| 来源ID | Working Paper 23147 |
| Austerity in the Aftermath of the Great Recession | |
| Christopher L. House; Christian Proebsting; Linda L. Tesar | |
| 发表日期 | 2017-02-13 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We examine austerity in advanced economies since the Great Recession. Austerity shocks are reductions in government purchases that exceed reduced-form forecasts. Austerity shocks are statistically associated with lower real GDP, lower inflation and higher net exports. We estimate a cross-sectional multiplier of roughly 2. A multi-country DSGE model calibrated to 29 advanced economies generates a multiplier consistent with the data. Counterfactuals suggest that eliminating austerity would have substantially reduced output losses in Europe. Austerity shocks were sufficiently contractionary that debt-to-GDP ratios in some European countries increased as a consequence of endogenous reductions in GDP and tax revenue. |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w23147 |
| 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/580821 |
| 推荐引用方式 GB/T 7714 | Christopher L. House,Christian Proebsting,Linda L. Tesar. Austerity in the Aftermath of the Great Recession. 2017. |
| 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 | ||
| w23147.pdf（945KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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