Search Results - subject:"Fiscal consolidation"

Long-term effects of fiscal stimulus and austerity in Europe

Gechert, Sebastian; Horn, Gustav A.; Paetz, Christoph - 2017

We analyze whether there are negative (positive) long-term effects of austerity measures (stimulus measures) on potential output growth. Based on the approach of Blanchard and Leigh (2013) and Fatás and Summers (2016) and using a novel dataset of narratively identified fiscal policy shocks, we...

Fiscal Consolidation and the Cost of Credit; Evidence from Syndicated Loans

Agca, Senay; Igan, Deniz - International Monetary Fund (IMF) - 2013

We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domestic...

Fiscal consolidation effect in theory and practice

Dluhopolskyi, Oleksandr - In: Czech journal of social sciences, business and … 5 (2016) 4, pp. 19-30

The long-run effect of fiscal consolidation on economic growth : evidence from quantitative case studies

Kleis, Mischa; Moessinger, Marc-Daniel - 2016

We contribute to the literature on the long-run effect of fiscal consolidation on economic growth by applying a novel … non-Keynesian effects, our results do not offer clear-cut evidence on the long-run effect of fiscal consolidation on …

Fiscal austerity in ambiguous times

Ferrière, Axelle; Karantounias, Anastasios G. - 2016

How should public debt be managed when uncertainty about the business cycle is widespread and debt levels are high, as in the aftermath of the last financial crisis? This paper analyzes optimal fiscal policy with ambiguity aversion and endogenous government spending. We show that, without...

Co-movements between public and private wages in the EU : which factors play a role?

Marzinotto, Benedicta; Turrini, Alessandro - 2016

react in the same way whether public wages are increased or cut, a relation that seems to hold also under fiscal … consolidation provided the public sector is a large employer. …

The long-run effect of fiscal consolidation on economic growth : evidence from quantitative case studies

Kleis, Mischa; Moessinger, Marc-Daniel - 2016 - This version: November 2016

Effects of a reduction in employers' social security contributions : evidence from Spain

Campoy-Muñoz, Pilar; Cardenete Flores, Manuel Alejandro; … - 2016

Programs to reduce employers' social security contributions are being widely discussed in both the political arena and academic forums as tools for promoting economic growth and boosting employment. This paper employs a computable general equilibrium model to assess the economic impact on the...

Who's coming to the rescue? : revenue-sharing slumps and implicit bailouts during the Great Recession

Foremny, Dirk; Solé-Ollé, Albert - 2016

This paper analyzes the distribution of discretionary transfers from higher tiers of government in the process of fiscal adjustment in local jurisdictions which were hit by a negative revenue shock in formula transfers. Spanish local governments experienced a 30% fall in their revenue-sharing...

The dynamic effects of fiscal consolidation episodes on income inequality : evidence for 17 OECD Countries over 1978-2013

Heimberger, Philipp - 2018

effects of fiscal consolidation episodes on income inequality in the short- and medium-run. By estimating impulse response … the size of the fiscal consolidation package is large rather than small; b) when the duration of the adjustment is long … instead of short; c) when the fiscal consolidation is based more on spending cuts than on tax increases; d) when the …