Fiscal Policy in Good Times and Bad

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" sho...

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Veröffentlicht in:	The Quarterly journal of economics 1999-11, Vol.114 (4), p.1399-1436
1. Verfasser:	Perotti, Roberto
Format:	Artikel
Sprache:	eng
Schlagworte:	Coefficients Consumer economics Consumption Consumption (Economics) Deficits Disposable income Economic aspects Economic models Estimated taxes Evaluation Fiscal policy Government expenditures Income taxes Manycountries Public debts Social aspects Statistical analysis Studies Taxation Wealth effect
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Beschreibung
Zusammenfassung:	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.
ISSN:	0033-5533 1531-4650
DOI:	10.1162/003355399556304