Tax Pot Episodes in OECD Countries
How to use an unexpected increase in tax revenues (tax pots) has been an important issue in most OECD countries in the second half of the 90’s, the question being more precisely what to do with those windfall revenues: decreasing taxes, debt, increasing expenditures? In this paper, we study such tax pot episodes in OECD countries over the last 40 years. To that end, we propose a definition of a fiscal pot episode. Once identification done, we examine the macroeconomic environment in those episodes, the way this surplus of revenues has been utilized and the degree of success in reducing public debt and in fostering growth. As in the fiscal adjustment literature, we then obtain relatively orthodox conclusions about the use of windfall tax revenues, as it is generally better for future growth and debt level to use the money to reduce expenditures and taxes.
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- Francesco Giavazzi & Tullio Jappelli & Marco Pagano, 1999.
"Searching for Non-Keynesian Effects of Fiscal Policy,"
CSEF Working Papers
16, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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- Francesco Giavazzi & Marco Pagano, 1990.
"Can Severe Fiscal Contractions Be Expansionary? Tales of Two Small European Countries,"
in: NBER Macroeconomics Annual 1990, Volume 5, pages 75-122
National Bureau of Economic Research, Inc.
- 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.
- 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.
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- Ardagna, Silvia & Alesina, Alberto, 1998. "Tales of Fiscal Adjustment," Scholarly Articles 2579822, Harvard University Department of Economics.
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