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Fiscal austerity vs. expansionary fiscal policy: on the results of these opposed economic policies applied to fight recessions

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  • Joaquim Vergés-Jaime

Abstract

This paper presents an inquiry into the observed results when governments have implemented one or other type of (opposed) economic policy prescribed in economics to reverse the consequences of a global economic crisis –like that unleashed in 2008–. An updated assessment of the evidence in this respect is developed, through a review of available empirical studies and analysis of the outcomes -in terms of recovery of economic activity- of having applied one and the other ‘competing’ economic policies. The approach focuses on the causal relationships involved, mainly between variations in public spending/fiscal deficit and changes in economic activity’s indicators.

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  • Joaquim Vergés-Jaime, 2023. "Fiscal austerity vs. expansionary fiscal policy: on the results of these opposed economic policies applied to fight recessions," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 26(4), pages 421-441, October.
    • Handle: RePEc:taf:jpolrf:v:26:y:2023:i:4:p:421-441
    DOI: 10.1080/17487870.2023.2238109
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