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Effects of Austerity: Expenditure- and Tax-based Approaches
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| Zeitschriftentitel: | Journal of Economic Perspectives |
|---|---|
| Personen und Körperschaften: | , , |
| In: | Journal of Economic Perspectives, 33, 2019, 2, S. 141-162 |
| Format: | E-Article |
| Sprache: | Englisch |
| veröffentlicht: |
American Economic Association
|
| Schlagwörter: |
| author_facet |
Alesina, Alberto Favero, Carlo Giavazzi, Francesco Alesina, Alberto Favero, Carlo Giavazzi, Francesco |
|---|---|
| author |
Alesina, Alberto Favero, Carlo Giavazzi, Francesco |
| spellingShingle |
Alesina, Alberto Favero, Carlo Giavazzi, Francesco Journal of Economic Perspectives Effects of Austerity: Expenditure- and Tax-based Approaches Economics and Econometrics Economics and Econometrics |
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alesina, alberto |
| spelling |
Alesina, Alberto Favero, Carlo Giavazzi, Francesco 0895-3309 American Economic Association Economics and Econometrics Economics and Econometrics http://dx.doi.org/10.1257/jep.33.2.141 <jats:p> We review the debate surrounding the macroeconomic effects of deficit reduction policies (austerity). The discussion about "austerity" in general has distracted commentators and policymakers from a very important result, namely the enormous difference, on average, between expenditure- and tax-based austerity plans. Spending-based austerity plans are remarkably less costly than tax-based plans. The former have on average a close to zero effect on output and lead to a reduction of the debt/GDP ratio. Tax-based plans have the opposite effect and cause large and long-lasting recessions. These results also apply to the recent episodes of European austerity, which in this respect were not especially different from previous cases. </jats:p> Effects of Austerity: Expenditure- and Tax-based Approaches Journal of Economic Perspectives |
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| title |
Effects of Austerity: Expenditure- and Tax-based Approaches |
| title_unstemmed |
Effects of Austerity: Expenditure- and Tax-based Approaches |
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Effects of Austerity: Expenditure- and Tax-based Approaches |
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Effects of Austerity: Expenditure- and Tax-based Approaches |
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Effects of Austerity: Expenditure- and Tax-based Approaches |
| title_short |
Effects of Austerity: Expenditure- and Tax-based Approaches |
| title_sort |
effects of austerity: expenditure- and tax-based approaches |
| topic |
Economics and Econometrics Economics and Econometrics |
| url |
http://dx.doi.org/10.1257/jep.33.2.141 |
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2019 |
| physical |
141-162 |
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<jats:p> We review the debate surrounding the macroeconomic effects of deficit reduction policies (austerity). The discussion about "austerity" in general has distracted commentators and policymakers from a very important result, namely the enormous difference, on average, between expenditure- and tax-based austerity plans. Spending-based austerity plans are remarkably less costly than tax-based plans. The former have on average a close to zero effect on output and lead to a reduction of the debt/GDP ratio. Tax-based plans have the opposite effect and cause large and long-lasting recessions. These results also apply to the recent episodes of European austerity, which in this respect were not especially different from previous cases. </jats:p> |
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| author | Alesina, Alberto, Favero, Carlo, Giavazzi, Francesco |
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| description | <jats:p> We review the debate surrounding the macroeconomic effects of deficit reduction policies (austerity). The discussion about "austerity" in general has distracted commentators and policymakers from a very important result, namely the enormous difference, on average, between expenditure- and tax-based austerity plans. Spending-based austerity plans are remarkably less costly than tax-based plans. The former have on average a close to zero effect on output and lead to a reduction of the debt/GDP ratio. Tax-based plans have the opposite effect and cause large and long-lasting recessions. These results also apply to the recent episodes of European austerity, which in this respect were not especially different from previous cases. </jats:p> |
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| spelling | Alesina, Alberto Favero, Carlo Giavazzi, Francesco 0895-3309 American Economic Association Economics and Econometrics Economics and Econometrics http://dx.doi.org/10.1257/jep.33.2.141 <jats:p> We review the debate surrounding the macroeconomic effects of deficit reduction policies (austerity). The discussion about "austerity" in general has distracted commentators and policymakers from a very important result, namely the enormous difference, on average, between expenditure- and tax-based austerity plans. Spending-based austerity plans are remarkably less costly than tax-based plans. The former have on average a close to zero effect on output and lead to a reduction of the debt/GDP ratio. Tax-based plans have the opposite effect and cause large and long-lasting recessions. These results also apply to the recent episodes of European austerity, which in this respect were not especially different from previous cases. </jats:p> Effects of Austerity: Expenditure- and Tax-based Approaches Journal of Economic Perspectives |
| spellingShingle | Alesina, Alberto, Favero, Carlo, Giavazzi, Francesco, Journal of Economic Perspectives, Effects of Austerity: Expenditure- and Tax-based Approaches, Economics and Econometrics, Economics and Econometrics |
| title | Effects of Austerity: Expenditure- and Tax-based Approaches |
| title_full | Effects of Austerity: Expenditure- and Tax-based Approaches |
| title_fullStr | Effects of Austerity: Expenditure- and Tax-based Approaches |
| title_full_unstemmed | Effects of Austerity: Expenditure- and Tax-based Approaches |
| title_short | Effects of Austerity: Expenditure- and Tax-based Approaches |
| title_sort | effects of austerity: expenditure- and tax-based approaches |
| title_unstemmed | Effects of Austerity: Expenditure- and Tax-based Approaches |
| topic | Economics and Econometrics, Economics and Econometrics |
| url | http://dx.doi.org/10.1257/jep.33.2.141 |