Consolidating the budget under difficult conditions — Ten guidelines viewed against Europe’s beginning consolidation programmes
Apparently the consolidation programmes that individual EU countries have presented so far broadly tend to take "the easy road". The latter includes short-term cuts in public sector pay, which are easy to push through, but do not lead to a lasting improvement of public finances, as well as an increase of taxes on consumption, the largest component of aggregate demand. These measures are implemented without simultaneously initiating comprehensive structural reforms of government spending as well as tax systems. They largely disregard the problems which already existed before the economic crisis or even contributed to it.
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Volume (Year): 46 (2011)
Issue (Month): 1 (January)
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- European Commission, 2010. "Taxation trends in the European Union: 2010 edition," Taxation trends 2010, Directorate General Taxation and Customs Union, European Commission.
- Francesco Giavazzi & Marco Pagano, 1990.
"Can Severe Fiscal Contractions Be Expansionary? Tales of Two Small European Countries,"
NBER Chapters,in: NBER Macroeconomics Annual 1990, Volume 5, pages 75-122
National Bureau of Economic Research, Inc.
- F. Giavazzi & M. Pagano, 1990. "Can Severe Fiscal Contractions Be Expansionary? Tales of two Small Euopean Countries," Working Papers 89, Dipartimento Scienze Economiche, Universita' di Bologna.
- Giavazzi, Francesco & Pagano, Marco, 1990. "Can Severe Fiscal Contractions Be Expansionary? Tales of Two Small European Countries," CEPR Discussion Papers 417, C.E.P.R. Discussion Papers.
- Francesco Giavazzi & Marco Pagano, 1990. "Can Severe Fiscal Contractions be Expansionary? Tales of Two Small European Countries," NBER Working Papers 3372, National Bureau of Economic Research, Inc.
- Markus Marterbauer, 2010. "Budgetpolitik im Zeitalter verminderter Erwartungen," IMK Working Paper 6-2010, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Alberto Alesina & Silvia Ardagna, 2010. "Large Changes in Fiscal Policy: Taxes versus Spending," NBER Chapters,in: Tax Policy and the Economy, Volume 24, pages 35-68 National Bureau of Economic Research, Inc.
- Alberto F. Alesina & Silvia Ardagna, 2009. "Large Changes in Fiscal Policy: Taxes Versus Spending," NBER Working Papers 15438, National Bureau of Economic Research, Inc.
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