Fiscal headwinds: is the other shoe about to drop?
Federal fiscal policy during the recession was abnormally expansionary by historical standards. However, over the past 21/2 years it has become unusually contractionary as a result of several deficit reduction measures passed by Congress. During the next three years, we estimate that federal budgeta...
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| Veröffentlicht in: | FRBSF Economic Letter 2013, Vol.2013 (16), p.1 |
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| Hauptverfasser: | , |
| Format: | Newsletterarticle |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
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| Zusammenfassung: | Federal fiscal policy during the recession was abnormally expansionary by historical standards. However, over the past 21/2 years it has become unusually contractionary as a result of several deficit reduction measures passed by Congress. During the next three years, we estimate that federal budgetary policy could restrain economic growth by as much as 1 percentage point annually beyond the normal fiscal drag that occurs during recoveries. |
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| ISSN: | 0890-927X |