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Budgetary consolidation under different exchange rate regimes

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  • Beetsma, Roel
  • Giuliodori, Massimo
  • Hanson, Jesper

Abstract

Using the IMF’s “action-based” dataset, we show that budgetary consolidation under both the euro and other exchange rate regimes negatively affects GDP growth, while it raises unemployment. However, these effects are more pronounced under the euro.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 117 (2012)
Issue (Month): 3 ()
Pages: 912-916

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Handle: RePEc:eee:ecolet:v:117:y:2012:i:3:p:912-916

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Consolidation; Action-based data; Euro; Flexible/fixed exchange rates;

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References

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  1. Alberto Alesina & Silvia Ardagna, 2010. "Large Changes in Fiscal Policy: Taxes versus Spending," NBER Chapters, in: Tax Policy and the Economy, Volume 24, pages 35-68 National Bureau of Economic Research, Inc.
  2. Andrea Pescatori & Daniel Leigh & Jaime Guajardo & Pete Devries, 2011. "A New Action-based Dataset of Fiscal Consolidation," IMF Working Papers 11/128, International Monetary Fund.
  3. Roel Beetsma & Massimo Giuliodori, 2011. "The Effects of Government Purchases Shocks: Review and Estimates for the EU," Economic Journal, Royal Economic Society, vol. 121(550), pages F4-F32, February.
  4. John Bluedorn & Daniel Leigh, 2011. "Revisiting the Twin Deficits Hypothesis: The Effect of Fiscal Consolidation on the Current Account," IMF Economic Review, Palgrave Macmillan, vol. 59(4), pages 582-602, November.
  5. Daniel Leigh & Andrea Pescatori & Jaime Guajardo, 2011. "Expansionary Austerity New International Evidence," IMF Working Papers 11/158, International Monetary Fund.
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Cited by:
  1. Antonakakis, Nikolaos, 2013. "Fiscal Austerity, Unemployment and Suicide Rates in Greece," MPRA Paper 45198, University Library of Munich, Germany.

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