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Author Batini, Nicoletta.

Title Successful austerity in the United States, Europe and Japan / prepared by Nicoletta Batini, Giovanni Callegari and Giovanni Melina.

Publication Info. [Washington, D.C.] : International Monetary Fund, [2012]
©2012
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Online eBook. Access restricted to current Rider University students, faculty, and staff.
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Description 1 online resource (60 pages) : color charts.
text file
Series IMF working paper ; WP/12/190
IMF working paper ; WP/12/190.
Note Title from PDF title page (IMF Web site, viewed Jul. 26, 2012).
Summary The output effects of 2009 fiscal expansions have been hotly debated. But the discussion of fiscal multipliers is even more relevant now that several European countries have had to quickly retract their stimulus measures in an effort to regain market confidence. Using regime-switching VARs we estimate the impact of fiscal adjustment on the United States, Europe and Japan allowing for fiscal multipliers to vary across recessions and booms. We also estimate ex ante probabilities of recessions derived in association with different-sized and different types of consolidation shocks (expenditure- versus tax-based). We use these estimates to understand how consolidations should be designed to be most effective in terms of permanently and rapidly reducing a country's debt-to-GDP ratio. The main finding is that smooth and gradual consolidations are to be preferred to front loaded or aggressive consolidations, especially for economies in recession facing high risk premia on public debt, because sheltering growth is key to the success of fiscal consolidation in these cases.
Bibliography Includes bibliographical references (pages 33-37).
Note "EUR."
"July 2012."
Local Note eBooks on EBSCOhost EBSCO eBook Subscription Academic Collection - North America
Subject Multiplier (Economics) -- Econometric models.
Multiplier (Economics)
Econometric models.
Fiscal policy -- United States -- Econometric models.
Fiscal policy.
United States.
Fiscal policy -- Europe -- Econometric models.
Europe.
Fiscal policy -- Japan -- Econometric models.
Japan.
Genre/Form Electronic books.
Added Author Callegari, Giovanni.
Melina, Giovanni.
International Monetary Fund. European Department.
ISBN 1475537921
9781475537925

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