Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations:
This paper looks at various aspects of fiscal consolidation in 18 OECD economies. The prospects for fiscal consolidation depend upon the problems the country may face with its debt stock, the political will to deal with these problems and on the costs of consolidation. The analysis is based on a ser...
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Format: | Elektronisch E-Book |
Sprache: | English |
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Paris
OECD Publishing
2012
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Schriftenreihe: | OECD Economics Department Working Papers
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Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
Zusammenfassung: | This paper looks at various aspects of fiscal consolidation in 18 OECD economies. The prospects for fiscal consolidation depend upon the problems the country may face with its debt stock, the political will to deal with these problems and on the costs of consolidation. The analysis is based on a series of simulations using the National Institute Global Econometric Model, NiGEM. The properties of the NiGEM model are discussed first. Although the model is estimated it has a strong role for expectations and can be run under different modes of expectations formation. This allows a decomposition of the factors that might affect the results. Temporary and permanent shifts in fiscal policy are assessed as well as the potential impact of fiscal consolidation plans under different monetary and fiscal feedback rules and different modes of expectations formation. If fiscal policy is expected to be tightened in the future, then long rates will fall now, and perhaps even induce a short-term expansion of output. Expansionary fiscal contractions of this sort are rare, however, and none are anticipated with the programmes that are investigated |
Beschreibung: | 1 Online-Ressource (42 Seiten) 21 x 29.7cm |
DOI: | 10.1787/5k9fdf6bs78r-en |
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doi_str_mv | 10.1787/5k9fdf6bs78r-en |
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spelling | Barrell, Ray Verfasser aut Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations Ray Barrell, Dawn Holland and Ian Hurst = Consolidation budgétaire : Partie 2. Multiplicateurs budgétaires et assainissement des finances publiques / Ray Barrell, Dawn Holland et Ian Hurst Consolidation budgétaire : Partie 2. Multiplicateurs budgétaires et assainissement des finances publiques Paris OECD Publishing 2012 1 Online-Ressource (42 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper looks at various aspects of fiscal consolidation in 18 OECD economies. The prospects for fiscal consolidation depend upon the problems the country may face with its debt stock, the political will to deal with these problems and on the costs of consolidation. The analysis is based on a series of simulations using the National Institute Global Econometric Model, NiGEM. The properties of the NiGEM model are discussed first. Although the model is estimated it has a strong role for expectations and can be run under different modes of expectations formation. This allows a decomposition of the factors that might affect the results. Temporary and permanent shifts in fiscal policy are assessed as well as the potential impact of fiscal consolidation plans under different monetary and fiscal feedback rules and different modes of expectations formation. If fiscal policy is expected to be tightened in the future, then long rates will fall now, and perhaps even induce a short-term expansion of output. Expansionary fiscal contractions of this sort are rare, however, and none are anticipated with the programmes that are investigated Economics Holland, Dawn ctb Hurst, Ian ctb https://doi.org/10.1787/5k9fdf6bs78r-en Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Barrell, Ray Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations Economics |
title | Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations |
title_alt | Consolidation budgétaire : Partie 2. Multiplicateurs budgétaires et assainissement des finances publiques |
title_auth | Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations |
title_exact_search | Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations |
title_exact_search_txtP | Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations |
title_full | Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations Ray Barrell, Dawn Holland and Ian Hurst = Consolidation budgétaire : Partie 2. Multiplicateurs budgétaires et assainissement des finances publiques / Ray Barrell, Dawn Holland et Ian Hurst |
title_fullStr | Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations Ray Barrell, Dawn Holland and Ian Hurst = Consolidation budgétaire : Partie 2. Multiplicateurs budgétaires et assainissement des finances publiques / Ray Barrell, Dawn Holland et Ian Hurst |
title_full_unstemmed | Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations Ray Barrell, Dawn Holland and Ian Hurst = Consolidation budgétaire : Partie 2. Multiplicateurs budgétaires et assainissement des finances publiques / Ray Barrell, Dawn Holland et Ian Hurst |
title_short | Fiscal Consolidation: Part 2. Fiscal Multipliers and Fiscal Consolidations |
title_sort | fiscal consolidation part 2 fiscal multipliers and fiscal consolidations |
topic | Economics |
topic_facet | Economics |
url | https://doi.org/10.1787/5k9fdf6bs78r-en |
work_keys_str_mv | AT barrellray fiscalconsolidationpart2fiscalmultipliersandfiscalconsolidations AT hollanddawn fiscalconsolidationpart2fiscalmultipliersandfiscalconsolidations AT hurstian fiscalconsolidationpart2fiscalmultipliersandfiscalconsolidations AT barrellray consolidationbudgetairepartie2multiplicateursbudgetairesetassainissementdesfinancespubliques AT hollanddawn consolidationbudgetairepartie2multiplicateursbudgetairesetassainissementdesfinancespubliques AT hurstian consolidationbudgetairepartie2multiplicateursbudgetairesetassainissementdesfinancespubliques |