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来源类型Working Paper
规范类型报告
DOI10.3386/w23385
来源IDWorking Paper 23385
The Effects of Fiscal Consolidations: Theory and Evidence
Alberto Alesina; Omar Barbiero; Carlo Favero; Francesco Giavazzi; Matteo Paradisi
发表日期2017-05-08
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, with details on over 3500 measures for 16 OECD countries. We show that government spending cuts and cuts in transfers are much less harmful than tax hikes, despite the fact that non-distortionary transfers are not classified as spending. Standard New Keynesian models robustly match our results when fiscal shocks are persistent. Wealth effects on aggregate demand mitigate the impact of a persistent spending cut. Static distortions caused by persistent tax hikes cause larger shifts in aggregate supply under sticky prices.
主题Macroeconomics ; Fiscal Policy ; Public Economics ; National Fiscal Issues
URLhttps://www.nber.org/papers/w23385
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/581059
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Alberto Alesina,Omar Barbiero,Carlo Favero,et al. The Effects of Fiscal Consolidations: Theory and Evidence. 2017.
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