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What do we know about the effects of Austerity? / Alberto F. Alesina, Carlo Favero, Francesco Giavazzi.
- Format:
- Book
- Author/Creator:
- Alesina, Alberto F.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w24246.
- NBER working paper series no. w24246
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2018.
- Summary:
- This paper summarizes the results of a large recent literature on multi year fiscal plans for deficit reduction (austerity). The key results are that deficit reduction policies based upon spending cuts are much less costly in terms of short run output losses than tax based adjustments. On average fiscal adjustment based upon spending cuts have very small output costs and in some cases they are expansionary. We then discuss which possible models can explain these findings and discuss how the evidence can disentangle them.
- Notes:
- Print version record
- January 2018.
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