Non-Keynesian Effects of Fiscal Consolidation: An Analysis with an Estimated DSGE Model for the Hungarian Economy
Using an estimated DSGE model for Hungary, the paper identifies the possible non-Keynesian channels through which a fiscal consolidation may manifest as expansionary. Simulations show that fiscal consolidation policies are typically contractionary. Nevertheless, taking into account some specific fea...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2012
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| Schriftenreihe: | OECD Economics Department Working Papers
no.945 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Using an estimated DSGE model for Hungary, the paper identifies the possible non-Keynesian channels through which a fiscal consolidation may manifest as expansionary. Simulations show that fiscal consolidation policies are typically contractionary. Nevertheless, taking into account some specific features of the Hungarian economy, there is a possibility that expansionary effects arise. These effects may take the form of a drop in interest rate risk premium or favourable balance sheet effects through the appreciation of the currency. However, the credibility of fiscal consolidation is key in achieving positive output effects. A non-credible consolidation is unlikely to expand output, regardless of the assumptions regarding the specific features of the economy, and regardless of the composition of a consolidation package. |
| Beschreibung: | 1 Online-Ressource (50 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5k9d195t38mv-en |
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| indexdate | 2024-11-26T14:55:57Z |
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| publishDate | 2012 |
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| spelling | Benk, Szilárd VerfasserIn aut Non-Keynesian Effects of Fiscal Consolidation An Analysis with an Estimated DSGE Model for the Hungarian Economy Szilárd, Benk and Zoltán M., Jakab = Les effets non-Keynésiens de l'assainissement budgétaire : une analyse avec un modèle DSGE estimé pour l'économie hongroise / Szilárd, Benk et Zoltán M., Jakab Les effets non-Keynésiens de l'assainissement budgétaire Paris OECD Publishing 2012 1 Online-Ressource (50 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.945 Using an estimated DSGE model for Hungary, the paper identifies the possible non-Keynesian channels through which a fiscal consolidation may manifest as expansionary. Simulations show that fiscal consolidation policies are typically contractionary. Nevertheless, taking into account some specific features of the Hungarian economy, there is a possibility that expansionary effects arise. These effects may take the form of a drop in interest rate risk premium or favourable balance sheet effects through the appreciation of the currency. However, the credibility of fiscal consolidation is key in achieving positive output effects. A non-credible consolidation is unlikely to expand output, regardless of the assumptions regarding the specific features of the economy, and regardless of the composition of a consolidation package. Economics Hungary Jakab, Zoltán M... MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5k9d195t38mv-en Volltext |
| spellingShingle | Benk, Szilárd Non-Keynesian Effects of Fiscal Consolidation An Analysis with an Estimated DSGE Model for the Hungarian Economy Economics Hungary |
| title | Non-Keynesian Effects of Fiscal Consolidation An Analysis with an Estimated DSGE Model for the Hungarian Economy |
| title_alt | Les effets non-Keynésiens de l'assainissement budgétaire |
| title_auth | Non-Keynesian Effects of Fiscal Consolidation An Analysis with an Estimated DSGE Model for the Hungarian Economy |
| title_exact_search | Non-Keynesian Effects of Fiscal Consolidation An Analysis with an Estimated DSGE Model for the Hungarian Economy |
| title_full | Non-Keynesian Effects of Fiscal Consolidation An Analysis with an Estimated DSGE Model for the Hungarian Economy Szilárd, Benk and Zoltán M., Jakab = Les effets non-Keynésiens de l'assainissement budgétaire : une analyse avec un modèle DSGE estimé pour l'économie hongroise / Szilárd, Benk et Zoltán M., Jakab |
| title_fullStr | Non-Keynesian Effects of Fiscal Consolidation An Analysis with an Estimated DSGE Model for the Hungarian Economy Szilárd, Benk and Zoltán M., Jakab = Les effets non-Keynésiens de l'assainissement budgétaire : une analyse avec un modèle DSGE estimé pour l'économie hongroise / Szilárd, Benk et Zoltán M., Jakab |
| title_full_unstemmed | Non-Keynesian Effects of Fiscal Consolidation An Analysis with an Estimated DSGE Model for the Hungarian Economy Szilárd, Benk and Zoltán M., Jakab = Les effets non-Keynésiens de l'assainissement budgétaire : une analyse avec un modèle DSGE estimé pour l'économie hongroise / Szilárd, Benk et Zoltán M., Jakab |
| title_short | Non-Keynesian Effects of Fiscal Consolidation |
| title_sort | non keynesian effects of fiscal consolidation an analysis with an estimated dsge model for the hungarian economy |
| title_sub | An Analysis with an Estimated DSGE Model for the Hungarian Economy |
| topic | Economics Hungary |
| topic_facet | Economics Hungary |
| url | https://doi.org/10.1787/5k9d195t38mv-en |
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