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Politique budgétaire discrétionnaire en France

Author

Listed:
  • Jérôme Creel

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Paola Veroni

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Francesco Saraceno

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

Assessing the discretionary component of a fiscal policy is a difficult task. With a vector autoregressive model of the us economy and thanks to an original identification procedure, Blanchard and Perotti [2002, qje] were able to estimate thoroughly the impact on gdp of a discretionary shock on public expenditures or tax receipts. Adopting a longer term view with theoretical restrictions to identify the model deriving from the Fiscal theory of the price level, we show that, in France, the fiscal multiplier grows over time, from 0.8 in the short run (in the best case) to 2 in the long run. The empirical validity of the Fiscal theory is also discussed.

Suggested Citation

  • Jérôme Creel & Paola Veroni & Francesco Saraceno, 2007. "Politique budgétaire discrétionnaire en France," Post-Print hal-03459628, HAL.
    • Handle: RePEc:hal:journl:hal-03459628
    DOI: 10.3917/reco.585.1035
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03459628
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