000			01888nab a2200289 c 4500
003			ES-MaIEF
005			20190211133112.0
007			ta
008			190211t2019 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_aeng
100	1		_966954 _aFerriere, Axelle
245			_aFiscal austerity in ambiguous times _c by Axelle Ferriere and Anastasios G. Karantounias
260			_c2019
500			_aResumen.
504			_aBibliografía.
520			_aThis paper analyzes optimal fiscal policy with ambiguity aversion and endogenous government spending. We show that without ambiguity, optimal surplus-to-output ratios are acyclical and that there is no rationale for either reduction or further accumulation of public debt. In contrast, ambiguity about the cycle can generate optimally policies that resemble “austerity” measures. Optimal policy prescribes higher taxes in adverse times and front-loaded fiscal consolidations that lead to a balanced primary budget in the long run. This is the case when interest rates are sufficiently responsive to cyclical shocks, that is, when the intertemporal elasticity of substitution is sufficiently low.
650		4	_948067 _aPOLITICA FISCAL
650		4	_944787 _aGASTO PUBLICO
650		4	_948220 _aREDUCCION
650		4	_948131 _aPRESUPUESTOS
650		4	_947776 _aMODELOS ECONOMETRICOS
700	1		_961013 _aKarantounias, Anastasios G.
773	0		_9158826 _oOP 2137/2019/1 _tAmerican Economic Journal. Macroeconomics _w(IEF)64915 _x 1945-7707 _g v. 11, n. 1, January 2019, p. 89-131
856			_uhttp://resolver.ebscohost.com/openurl?sid=EBSCO%3aeoh&genre=article&issn=19457707&ISBN=&volume=11&issue=1&date=20190101&spage=89&pages=89-131&title=American+Economic+Journal%3a+Macroeconomics&atitle=Fiscal+Austerity+in+Ambiguous+Times&aulast=Ferriere%2c+Axelle&id=DOI%3a&site=ftf-live
942			_cART
999			_c139875 _d139875