A New Action-based Dataset of Fiscal Consolidation
AbstractThis 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 InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 11/128.
Date of creation: 01 Jun 2011
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-07-02 (All new papers)
- NEP-MAC-2011-07-02 (Macroeconomics)
- NEP-PBE-2011-07-02 (Public Economics)
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