期刊名称：Discussion Papers in Economics / Department of Economics, University of York
出版年度：2014
卷号：2014
出版社：University of York
摘要：This paper presents a comprehensive assessment of fiscal austerity, with special emphasis on its distributional consequences, which are surprisingly ignored in the existing literature. Using amedium scale DSGE model we find that both the aggregate and distributional consequences of fiscal consolidation are shaped by its composition much more than by its speed. A trade-off emerges between effciency and equality; spending-based austerity leads to smaller net movements in output, incomes and welfare, but also to larger inequality between agents who vary by their access and use of credit markets. Given the severity of the recent downturn in most advanced economies that had adopted austerity, this trade-off between growth and distributional consequences of fiscalconsolidation is likely to pose serious challenges to policymakers in many countries.
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