Fiscal consolidation after the Great Recession the role of composition by Iván Kataryniuk and Javier Vallés
By: Kataryniuk, Iván
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Contributor(s): Vallés Liberal, José Javier.
Material type: 
ArticlePublisher: 2018Subject(s): CRISIS FINANCIERA | POLITICA FISCAL | IMPUESTOS | CONSOLIDACION | GASTO PUBLICO | DEFICIT PUBLICO | REDUCCIONOnline resources: Click here to access online
In:
Oxford Economic Papers v. 70, n. 2, April 2018, p. 563-585Summary: We have examined the fiscal consolidation episodes in a group of OECD countries from 2009 to 2014. The range of the estimated short-term fiscal multiplier runs from 1.2 to 2.0, larger than those obtained in more ‘normal times’, implying that the contractionary effect has been larger in depressed environments. Nevertheless, we also found that revenue measures have a higher and more persistent real impact than expenditure measures, which is more consistent with the influence of current consolidations on the expectations about the future path of fiscal policies (the expectations channel). This result suggests that expenditure cuts are less harmful for the economy than tax hikes.
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| Artículos | IEF | IEF | OP 286/2018/2-3 (Browse shelf) | Available | OP 286/2018/2-3 |
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| OP 286/2018/2 Oxford Economic Papers | OP 286/2018/2-1 Top incomes and inequality in the UK | OP 286/2018/2-2 The moral and fiscal implications of antiretroviral therapies for HIV in Africa | OP 286/2018/2-3 Fiscal consolidation after the Great Recession | OP 286/2018/3 Oxford Economic Papers | OP 286/2018/4 Oxford Economic Papers | OP 287 Revista nacional de economía |
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We have examined the fiscal consolidation episodes in a group of OECD countries from 2009 to 2014. The range of the estimated short-term fiscal multiplier runs from 1.2 to 2.0, larger than those obtained in more ‘normal times’, implying that the contractionary effect has been larger in depressed environments. Nevertheless, we also found that revenue measures have a higher and more persistent real impact than expenditure measures, which is more consistent with the influence of current consolidations on the expectations about the future path of fiscal policies (the expectations channel). This result suggests that expenditure cuts are less harmful for the economy than tax hikes.
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