Fiscal policy in good times and bad

• 成果类型: Article
• 署名作者: Perotti, R
• 署名单位: Columbia University; Centre for Economic Policy Research - UK
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1162/003355399556304
• 发表日期: 1999
• 页码: 1399-1436
• 关键词: aggregate demand; consumption; adjustments; consistent; GROWTH

摘要

In the 1980s several countries with large government debt or deficit implemented substantial, and in some cases drastic, deficit cuts. Contrary to widespread expectations, in many cases private consumption boomed rather than contracted. This paper shows that in times of fiscal stress'' shocks to government revenues and, especially, expenditure have very different effects on private consumption than in normal'' times.