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Budgetary consolidation under different exchange rate regimes

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

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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File URL: http://www.sciencedirect.com/science/article/pii/S0165176512003953
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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
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Daniel Leigh & Andrea Pescatori & Jaime Guajardo, 2011. "Expansionary Austerity New International Evidence," IMF Working Papers 11/158, International Monetary Fund.
  2. Alberto F. Alesina & Silvia Ardagna, 2009. "Large Changes in Fiscal Policy: Taxes Versus Spending," NBER Working Papers 15438, National Bureau of Economic Research, Inc.
  3. 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.
  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. 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.
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