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Revenue- versus spending-based consolidation plans: the role of follow-up
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| Personen und Körperschaften: | , , |
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| Titel: | Revenue- versus spending-based consolidation plans: the role of follow-up/ Roel Beetsma, Oana Furtuna, Massimo Giuliodori |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2018]
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| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2178 (September 2018)
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| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | The literature on fiscal multipliers finds that spending-based fiscal consolidations tend to have more benign macro-economic consequences than revenue-based consolidations. By directly comparing ex-post data with consolidation plans, we present evidence of a systematically weaker follow-up of spending-based consolidation plans. Next, using a newly-developed dataset of consolidation announcements, panel VAR regressions confirm the weaker follow-up of spending-based plans and their more benign macro-economic effects compared to those of revenue-based plans. We disentangle the role of the difference in follow-up from that of the difference in the composition of revenue- and spending-based consolidations. While the latter channel, which works through the difference between revenue and spending multipliers, explains the largest fraction of the difference in economic trajectories, the difference in follow-up plays a non-negligible role as well. |
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| Umfang: | 1 Online-Ressource (circa 77 Seiten); Illustrationen |
| ISBN: |
9789289932837
928993283X |
| DOI: | 10.2866/11013 |