Petit précis de politique budgétaire par tous les temps. Les multiplicateurs budgétaires au cours du cycle
AbstractThe economic and financial crisis has given way to Keynesian fiscal policy. To avoid a collapse of economic and financial system, all OECD countries have implemented recovery plans. Even if the uncertainty regarding the recovery is high, time is now, in most countries, for the adoption of fiscal consolidation policies. After reviewing the various evaluations of fiscal multipliers in economic literature, according to the method and instrument used, we make our own assessments. Our contribution is to take into account the economic situation of the country. A positive fiscal impulse will have a different impact depending on the activity that the economy is at the bottom or top of the cycle. In the case of fiscal stimulus on top of the cycle, the inflationary impact gradually cancels positive effects of this policy. Conversely, this same policy led down cycle will be permanently effective: it is not inflationary, lowering the structural unemployment with actual unemployment. JEL Classification codes: C13, C22, E12, E24, E32.
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue de l'OFCE.
Volume (Year): n° 116 (2011)
Issue (Month): 1 ()
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Web page: http://www.cairn.info/revue-de-l-ofce.htm
macroeconometric model; economic cycle; NAIRU; fiscal policy;
Find related papers by JEL classification:
- C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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