Publicação
On the output cost of fiscal consolidations: an empirical investigation on tax and spending multipliers for a sample of OECD economies
| Resumo: | We estimate the output costs of fiscal contractions and distinguish between tax-based and expenditure-based adjustments, employing narratively identified fiscal measures. While the studies that use narrative fiscal plans in VARs find short-lasting effects of expenditure-based consolidations, this result is not maintained in a recently developed method of including fiscal shocks in Local Projections. We argue that the Impulse Responses from this approach are inconsistent and augment the Local Projections equations with a term capturing the expectation of future fiscal measures, recovering the results of the previous literature and finding that expenditure-based consolidations tend to be less recessive than tax-based consolidations. |
|---|---|
| Autores principais: | Corrêa, Bruno Biadi |
| Assunto: | Macroeconomics Fiscal consolidations Local projections Rational expectations |
| Ano: | 2024 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| _version_ | 1868414091874271232 |
|---|---|
| author | Corrêa, Bruno Biadi |
| author_facet | Corrêa, Bruno Biadi |
| author_role | author |
| contributor_name_str_mv | Freitas, Miguel Lebre de RUN |
| country_str | PT |
| creators_json_txt | [{\"Person.name\":\"Corrêa, Bruno Biadi\"}] |
| datacite.contributors.contributor.contributorName.fl_str_mv | Freitas, Miguel Lebre de RUN |
| datacite.creators.creator.creatorName.fl_str_mv | Corrêa, Bruno Biadi |
| datacite.date.Accepted.fl_str_mv | 2024-01-29T00:00:00Z |
| datacite.date.available.fl_str_mv | 2025-03-24T11:30:36Z |
| datacite.date.embargoed.fl_str_mv | 2025-03-24T11:30:36Z |
| datacite.rights.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| datacite.subjects.subject.fl_str_mv | Macroeconomics Fiscal consolidations Local projections Rational expectations |
| datacite.titles.title.fl_str_mv | On the output cost of fiscal consolidations: an empirical investigation on tax and spending multipliers for a sample of OECD economies |
| dc.contributor.none.fl_str_mv | Freitas, Miguel Lebre de RUN |
| dc.creator.none.fl_str_mv | Corrêa, Bruno Biadi |
| dc.date.Accepted.fl_str_mv | 2024-01-29T00:00:00Z |
| dc.date.available.fl_str_mv | 2025-03-24T11:30:36Z |
| dc.date.embargoed.fl_str_mv | 2025-03-24T11:30:36Z |
| dc.format.none.fl_str_mv | application/pdf |
| dc.identifier.none.fl_str_mv | http://hdl.handle.net/10362/181174 |
| dc.language.none.fl_str_mv | eng |
| dc.rights.none.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| dc.subject.none.fl_str_mv | Macroeconomics Fiscal consolidations Local projections Rational expectations |
| dc.title.fl_str_mv | On the output cost of fiscal consolidations: an empirical investigation on tax and spending multipliers for a sample of OECD economies |
| dc.type.none.fl_str_mv | http://purl.org/coar/resource_type/c_bdcc |
| description | We estimate the output costs of fiscal contractions and distinguish between tax-based and expenditure-based adjustments, employing narratively identified fiscal measures. While the studies that use narrative fiscal plans in VARs find short-lasting effects of expenditure-based consolidations, this result is not maintained in a recently developed method of including fiscal shocks in Local Projections. We argue that the Impulse Responses from this approach are inconsistent and augment the Local Projections equations with a term capturing the expectation of future fiscal measures, recovering the results of the previous literature and finding that expenditure-based consolidations tend to be less recessive than tax-based consolidations. |
| dirty | 0 |
| eu_rights_str_mv | openAccess |
| format | masterThesis |
| fulltext.url.fl_str_mv | https://run.unl.pt/bitstreams/dfc76a1d-d5b9-4faf-9826-c46e51abba8a/download |
| id | run_ff5aa4d0e1ff4e93e610a80e9506cf0c |
| identifier.url.fl_str_mv | http://hdl.handle.net/10362/181174 |
| instacron_str | unl |
| institution | Universidade Nova de Lisboa |
| instname_str | Universidade Nova de Lisboa |
| language | eng |
| network_acronym_str | run |
| network_name_str | Repositório Institucional da UNL |
| oai_identifier_str | oai:run.unl.pt:10362/181174 |
| organization_str_mv | urn:organizationAcronym:unl |
| person_str_mv | Corrêa, Bruno Biadi |
| publishDate | 2024 |
| reponame_str | Repositório Institucional da UNL |
| repository_id_str | urn:repositoryAcronym:run |
| service_str_mv | urn:repositoryAcronym:run |
| spelling | engpt_PTWe estimate the output costs of fiscal contractions and distinguish between tax-based and expenditure-based adjustments, employing narratively identified fiscal measures. While the studies that use narrative fiscal plans in VARs find short-lasting effects of expenditure-based consolidations, this result is not maintained in a recently developed method of including fiscal shocks in Local Projections. We argue that the Impulse Responses from this approach are inconsistent and augment the Local Projections equations with a term capturing the expectation of future fiscal measures, recovering the results of the previous literature and finding that expenditure-based consolidations tend to be less recessive than tax-based consolidations.application/pdfpt_PTOn the output cost of fiscal consolidations: an empirical investigation on tax and spending multipliers for a sample of OECD economiesCorrêa, Bruno BiadiFreitas, Miguel Lebre deHostingInstitutionOrganizationalRUNe-mailmailto:run@unl.ptrun@unl.ptURNurn:tid:2039013122025-03-24T11:30:36Z2024-01-292023-12-202024-01-29T00:00:00ZHandlehttp://hdl.handle.net/10362/181174http://purl.org/coar/access_right/c_abf2open accessMacroeconomicsFiscal consolidationsLocal projectionsRational expectations847833 bytesliteraturehttp://purl.org/coar/resource_type/c_bdccmaster thesishttp://purl.org/coar/access_right/c_abf2application/pdffulltexthttps://run.unl.pt/bitstreams/dfc76a1d-d5b9-4faf-9826-c46e51abba8a/download |
| spellingShingle | On the output cost of fiscal consolidations: an empirical investigation on tax and spending multipliers for a sample of OECD economies Corrêa, Bruno Biadi Macroeconomics Fiscal consolidations Local projections Rational expectations |
| status | SINGLETON |
| subject.fl_str_mv | Macroeconomics Fiscal consolidations Local projections Rational expectations |
| title | On the output cost of fiscal consolidations: an empirical investigation on tax and spending multipliers for a sample of OECD economies |
| title_full | On the output cost of fiscal consolidations: an empirical investigation on tax and spending multipliers for a sample of OECD economies |
| title_fullStr | On the output cost of fiscal consolidations: an empirical investigation on tax and spending multipliers for a sample of OECD economies |
| title_full_unstemmed | On the output cost of fiscal consolidations: an empirical investigation on tax and spending multipliers for a sample of OECD economies |
| title_short | On the output cost of fiscal consolidations: an empirical investigation on tax and spending multipliers for a sample of OECD economies |
| title_sort | On the output cost of fiscal consolidations: an empirical investigation on tax and spending multipliers for a sample of OECD economies |
| topic | Macroeconomics Fiscal consolidations Local projections Rational expectations |
| topic_facet | Macroeconomics Fiscal consolidations Local projections Rational expectations |
| url | http://hdl.handle.net/10362/181174 |
| visible | 1 |