Non-linearities in fiscal policy: The role of debt

被引：5
|
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
收藏
页数：14
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