Nuovi approcci alla politica fiscale ed evidenza empirica

The paper analyses and discusses the relationship among fiscal contractions, permanent improvements in public finances and short-run macroeconomic performance. In the last decade, new theoretical approaches have been proposed from a lively literature and many studies tried to support theory with a c...

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Published inEconomia politica (Bologna, Italy) no. 3; pp. 427 - 460
Main Author Andrea, Zaghini
Format Journal Article
LanguageEnglish
Italian
Published Società editrice il Mulino 01.12.2001
SeriesEconomia politica
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Abstract The paper analyses and discusses the relationship among fiscal contractions, permanent improvements in public finances and short-run macroeconomic performance. In the last decade, new theoretical approaches have been proposed from a lively literature and many studies tried to support theory with a clear empirical evidence. The main idea is that fiscal consolidations that concentrate on the expenditure side and unfold over a relatively long time span are more likely to succeed in reducing the public debt ratio than tax-based or shorter adjustments. Furthermore, macroeconomic consequences are strictly related to fiscal successfulness: only successful contractions do not trigger economic slowdowns. The policy implications of this new approach are here discussed and investigated with respect to the empirical evidence.
AbstractList The paper analyses and discusses the relationship among fiscal contractions, permanent improvements in public finances and short-run macroeconomic performance. In the last decade, new theoretical approaches have been proposed from a lively literature and many studies tried to support theory with a clear empirical evidence. The main idea is that fiscal consolidations that concentrate on the expenditure side and unfold over a relatively long time span are more likely to succeed in reducing the public debt ratio than tax-based or shorter adjustments. Furthermore, macroeconomic consequences are strictly related to fiscal successfulness: only successful contractions do not trigger economic slowdowns. The policy implications of this new approach are here discussed and investigated with respect to the empirical evidence.
Author Andrea, Zaghini
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