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La respuesta de la política fiscal a la actividad económica en los países desarrollados/Fiscal policy reaction to economic activity in developed countries

  • CERÓN, JUAN A.

    ()

    (Departamento de Economía de la Empresa. UNIVERSIDAD CARLOS III DE MADRID ESPAÑA.)

Registered author(s):

    Este trabajo examina cómo ha respondido la política fiscal discrecional a las oscilaciones económicas en un conjunto de países de la OCDE a lo largo de las últimas cuatro décadas. En línea con la reciente literatura, utilizamos el Saldo Estructural Primario como indicador para caracterizar la actividad fiscal de los Gobiernos. Los resultados muestran el escaso uso de la política fiscal en coyunturas de expansión o recesión así como un marcado activismo en situaciones de estabilidad económica. Se analizan las razones para este comportamiento escasamente convencional, se incide en el distinto comportamiento de impuestos y gastos, se valora la importancia que tiene la posición fiscal de partida y se examina el grado de acomodo de la política monetaria. This paper studies how discretional fiscal policy has reacted to economic fluctuations in a group of OCDE countries during the last four decades. Following the recent literature, we use the cyclically adjusted primary balance as a tool to identify government fiscal activity. The results suggest a limited use of fiscal policy in expansion or recession circumstances just as a marked activity in economic stability situations. The reasons behind this performance barely conventional will be examined; we analyze the different responses of taxes and expenditures, pay attention to the importance of fiscal policy at the beginning and evaluate the monetary policy accommodation.

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    Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

    Volume (Year): 30 (2012)
    Issue (Month): (Abril)
    Pages: 369 (32 pags)

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    Handle: RePEc:lrk:eeaart:30_1_17
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