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Reducing the federal deficit: approaches in some other countries

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  • Carroll, Daniel
  • Lindner, John

Abstract

The United States is not the first advanced modern economy to face a serious federal budget challenge. A number of countries have seen their debt rise to unacceptable levels in recent decades, and they have taken steps to rein it in. We explore the approaches that Canada and the United Kingdom have used. Though there are important differences in approaches and countries, we draw five useful lessons for the reforms that may be proposed in the U.S. as it addresses its fiscal challenges.

Suggested Citation

  • Carroll, Daniel & Lindner, John, 2011. "Reducing the federal deficit: approaches in some other countries," Economic Commentary, Federal Reserve Bank of Cleveland, issue Oct.
  • Handle: RePEc:fip:fedcec:y:2011:i:oct18:n:2011-22
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    References listed on IDEAS

    as
    1. Ohanian, Lee & Raffo, Andrea & Rogerson, Richard, 2008. "Long-term changes in labor supply and taxes: Evidence from OECD countries, 1956-2004," Journal of Monetary Economics, Elsevier, vol. 55(8), pages 1353-1362, November.
    2. Murat Tasci & Saeed Zaman, 2010. "Unemployment after the recession: a new natural rate?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Sep.
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