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A New Action-Based Dataset of Fiscal Consolidation


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  • Andrea Pescatori
  • Daniel Leigh
  • Jaime Guajardo
  • Pete Devries
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    This paper presents a new dataset of fiscal consolidation for 17 OECD economies during 1978-2009. We focus on discretionary changes in taxes and government spending primarily motivated by a desire to reduce the budget deficit and not by a response to prospective economic conditions. To identify the motivation and budgetary impact of the fiscal policy changes, we examine contemporaneous policy documents, including Budgets, Budget Speeches, central bank reports, Convergence and Stability Programs submitted by the authorities to the European Commission, and IMF and OECD reports. The resulting series can be used to estimate the macroeconomic effects of fiscal consolidation.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/128.

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    Length: 90
    Date of creation: 01 Jun 2011
    Date of revision:
    Handle: RePEc:imf:imfwpa:11/128

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    Keywords: Taxation; Budget deficits; Data analysis; Fiscal consolidation; OECD; spending cuts; budgetary impact; deficit reduction; tax measures; budget deficit; tax reform; tax cuts; fiscal policy; tax increases; tax rates; fiscal deficit; tax reductions; tax reduction; tax changes; government spending; government deficit; indirect taxes; tax cut; vat rate; public finances; personal income tax; tax increase; interest payments; excise duties; tax revenues; income tax cuts; expenditure cuts; public debt; fiscal measures; public finance; fiscal tightening; tax revenue; fiscal stimulus; government expenditure; tax system; current account deficit; sales tax; fiscal sustainability; indirect tax; fiscal plan; income tax rates; fiscal actions; fiscal structural reform; debt service; tax base; fiscal conditions; revenue collection; direct tax; corporation tax; expenditure restraint; tax administration; tax payments; tax burden; fiscal adjustment; government budget deficit; direct taxes; fiscal situation; direct tax rates; budget balance; capital spending; corporate income tax; tax amnesty; excise taxes; tax policy; government expenditures; fiscal consolidations; tax deduction; tax incentives; fiscal strategy; fiscal policy adjustments; budgetary rules; fiscal contraction; fiscal savings; fiscal data; public spending; fiscal years; tax exemptions; budgetary consolidation; budget surplus; fiscal restraint; fiscal stability; public expenditure; aggregate demand; fiscal health; fiscal imbalances; fiscal surplus; fiscal action; fiscal package; fiscal policies; corporate taxes; government budget; tax receipts; fiscal stance; tax reform program; energy taxes; tax evasion; fiscal discipline; public deficits; fiscal targets; consumption taxes; budgetary implications; burden ? of taxes; capital expenditure; budgetary position; tax expenditures; government solvency; budgetary flexibility; state budget; fiscal outlook; fiscal criteria; fiscal retrenchment; fiscal position; expansionary fiscal policy; corporate income taxation; reduction in government spending; tax refunds; tax bases; fiscal shocks; government fiscal deficit; general taxation; budget consolidation; personal income taxes; tax expenditure; windfall tax; fiscal framework; budgetary discipline; tax credits; tax ratio; sales taxes; expansionary fiscal; lower tax rates; excessive borrowing; fiscal outcome; structural fiscal; excessive deficits; primary deficit; cyclical fiscal policy; fiscal condition; marginal tax rates; central government expenditures; fiscal objectives; consumption tax; budget ? measures; fiscal expansion; social security taxes; fiscal developments; tax deductions; corporate tax base; income taxes; general government expenditures; manufacturers sales tax; general government expenditure; tax harmonization; primary budget balance; payroll tax; national budget; primary budget surplus; tax allowances; fiscal deficits; fiscal outcomes; fiscal imbalance; government spending shocks; fiscal policy objective; fiscal consolidation efforts;

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    1. Wolswijk, Guido, 2007. "Short- and long-run tax elasticities: the case of the Netherlands," Working Paper Series 0763, European Central Bank.
    2. Christina D. Romer & David H. Romer, 2007. "The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks," NBER Working Papers 13264, National Bureau of Economic Research, Inc.
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