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The Permanent Effects of Fiscal Consolidations
Fatás, Antonio - 2016
The global financial crisis has permanently lowered the path of GDP in all advanced economies. At the same time, and in response to rising government debt levels, many of these countries have been engaging in fiscal consolidations that have had a negative impact on growth rates. We empirically...
Persistent link: https://www.econbiz.de/10012987599
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Fiscal Stimulus and Fiscal Sustainability
Auerbach, Alan J. - 2017
The Great Recession and the Global Financial Crisis have left many developed countries with low interest rates and high levels of public debt, thus limiting the ability of policymakers to fight the next recession. Whether new fiscal stimulus programs would be jeopardized by these already heavy...
Persistent link: https://www.econbiz.de/10012948076
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How Big (Small?) are Fiscal Multipliers?
Ilzetzki, Ethan - 2010
countries, (ii) the fiscal multiplier is relatively large in economies operating under predetermined exchange rates but is zero …
Persistent link: https://www.econbiz.de/10013136746
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Fiscal Expansions and Fiscal Adjustments in OECD Countries
Alesina, Alberto F.; Perotti, Roberto - 2021
This paper considers budget expansions and adjustments in OECD countries in the last three decades. Our main results are: i) on average fiscal expansions are the results of increases in expenditures, particularly of transfer programs, while contractions are typically due to tax increases; ii)...
Persistent link: https://www.econbiz.de/10013235877
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The Time for Austerity : Estimating the Average Treatment Effect of Fiscal Policy
Jordà, Òscar - 2013
After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on … the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying … novel approach, we show that austerity is always a drag on growth, and especially so in depressed economies: a one percent …
Persistent link: https://www.econbiz.de/10013076565
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Political Economy of Debt and Growth
Battaglini, Marco - 2015
grow slower than GDP and the tax rate declines. We use the model to study the impact of austerity programs which impose a …
Persistent link: https://www.econbiz.de/10013013181
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Fiscal Rules and Discretion Under Limited Enforcement
Halac, Marina - 2019
We study a fiscal policy model in which the government is present-biased towards public spending. Society chooses a fiscal rule to trade off the benefit of committing the government to not overspend against the benefit of granting it flexibility to react to privately observed shocks to the value...
Persistent link: https://www.econbiz.de/10012894435
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Fiscal Rules and Discretion Under Self-Enforcement
Halac, Marina - 2017
We study a fiscal policy model in which the government is present-biased towards public spending. Society chooses a fiscal rule to trade off the benefit of committing the government to not overspend against the benefit of granting it flexibility to react to privately observed shocks to the value...
Persistent link: https://www.econbiz.de/10012946006
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Clearing Up the Fiscal Multiplier Morass
Leeper, Eric M. - 2011
substitution effects, yielding uniform comparisons across models. By constraining the multiplier to tight ranges, model and prior …
Persistent link: https://www.econbiz.de/10013120209
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Are Government Spending Multipliers Greater During Periods of Slack? Evidence from 20th Century Historical Data
Owyang, Michael - 2013
A key question that has arisen during recent debates is whether government spending multipliers are larger during times when resources are idle. This paper seeks to shed light on this question by analyzing new quarterly historical data covering multiple large wars and depressions in the U.S. and...
Persistent link: https://www.econbiz.de/10013087434