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On the side effects of fiscal policy: Fiscal rules and income inequality

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  • Combes, Jean-Louis
  • Debrun, Xavier
  • Minea, Alexandru
  • Sawadogo, Pegdéwendé Nestor
  • Vinturis, Cezara

Abstract

Contributing to an important literature on the side effects of fiscal policy, this paper employs a treatment effect analysis to show that fiscal rules (FR) have significant side effects on income inequality (IQ). Economically meaningful, this favorable causal direct effect is robust to many alternative specifications. Nevertheless, not all FR are alike: balanced budget and debt rules decrease IQ, contrary to expenditure rules that increase it. Finally, the effect of FR on IQ is found to be subject to heterogeneity related to various factors. Given the current upward global IQ trends, our results provide insightful evidence for governments of countries aiming at reducing IQ.

Suggested Citation

  • Combes, Jean-Louis & Debrun, Xavier & Minea, Alexandru & Sawadogo, Pegdéwendé Nestor & Vinturis, Cezara, 2025. "On the side effects of fiscal policy: Fiscal rules and income inequality," European Journal of Political Economy, Elsevier, vol. 90(PA).
    • Handle: RePEc:eee:poleco:v:90:y:2025:i:pa:s0176268024000363
    DOI: 10.1016/j.ejpoleco.2024.102534
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    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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