Non-linearities in fiscal policy: The role of debt

被引：4

作者：

Fotiou, Alexandra ^{[1
]}

机构：

[1] Int Monetary Fund, Washington, DC 20431 USA

来源：

EUROPEAN ECONOMIC REVIEW | 2022年 / 150卷

关键词：

Non-linearities; Debt; Recessions; Expansions; Fiscal consolidations; Narrative approach; Interacted-STVAR; MULTIPLIERS; GROWTH; TIMES;

D O I：

10.1016/j.euroecorev.2022.104212

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper assesses how a country's initial debt level affects the effectiveness of fiscal policy. Using a panel of 13 countries between 1980 and 2014, I find that when debt is high, fiscal consolidations based on tax increases are in general self-defeating, in that they result in an increase of the debt-to-GDP ratio. Instead, cutting public expenditure has a less pronounced effect on economic activity and can stabilize debt.

引用

页数：14

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