The impact of fiscal consolidation on economic growth. An illustration for the Spanish economy based on a general equilibrium model
This study illustrates the effects of different fiscal consolidation measures on economic activity through simulations performed with a general equilibrium model calibrated to the Spanish economy. Overall, our results show that fiscal consolidation has short-run costs but sizable long-run benefits in terms of growth. Regarding the short-run costs, their magnitude depends crucially on the presence of confidence effects due to the consolidation process, which tend to reduce the value of fiscal multipliers
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| Length: | 27 pages |
| Date of creation: | May 2012 |
| Date of revision: | |
| Handle: | RePEc:bde:opaper:1205 |
| Contact details of provider: | Web page: http://www.bde.es/Email: More information through EDIRC
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