Une politique budgétaire keynésienne neutralisant les stabilisateurs automatiques en haut de cycle : le cas de la France en 2000-2001
A pro-cyclical keynesian fiscal policy neutralizing the impact of automatic stabilizers: the case of France in 2000-2001. This paper suggests a simple empirical method assessing the impact on growth of public finances in the short-run, namely a) the ex-ante fiscal impulse, b) its ex-post impact on growth and c) the ex-post overall impact on growth of public finances. Applying this method to the expansionary episode of the French fiscal policy in 2000-2001 yields two main results. The aggregate Keynesian multiplier for French public finances is most probably below 1 – which is in line with one of the implications of the neo-ricardian model. The effect on growth of the French pro-cyclical fiscal policy completely offset the impact of the automatic stabilizers during the latest cyclical peak. As a consequence, stimulating the economy during the following cyclical downswing became impossible because no margin of maneuver remained.
|Date of creation:||2006|
|Note:||View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00243039|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Sheetal K. Chand, 1992. "Fiscal Impulses and their Fiscal Impact," IMF Working Papers 92/38, International Monetary Fund.
- Frédéric Gonand, 2005. "Effect on potential growth of non-sustainable public debt dynamics: an application to France," Working Papers hal-00242973, HAL.
- repec:dau:papers:123456789/11050 is not listed on IDEAS
- Barro, Robert J, 1974.
"Are Government Bonds Net Wealth?,"
Journal of Political Economy,
University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
- Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
- Olivier Jean Blanchard, 1990. "Suggestions for a New Set of Fiscal Indicators," OECD Economics Department Working Papers 79, OECD Publishing.
- Garry J. Schinasi & Mark Scott Lutz, 1991. "Fiscal Impulse," IMF Working Papers 91/91, International Monetary Fund.
- Barsky, Robert B & Mankiw, N Gregory & Zeldes, Stephen P, 1986. "Ricardian Consumers with Keynesian Propensities," American Economic Review, American Economic Association, vol. 76(4), pages 676-691, September.
- Robert B. Barsky & N. Gregory Mankiw & Stephen P. Zeldes, 1984. "Ricardian Consumers With Keynesian Propensities," NBER Working Papers 1400, National Bureau of Economic Research, Inc.
- Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 223-247, April.
- Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc.
- Boris Cournède & Frédéric Gonand, 2006. "Restoring Fiscal Sustainability in the Euro Area: Raise Taxes or Curb Spending?," OECD Economics Department Working Papers 520, OECD Publishing. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:hal:wpaper:hal-00243039. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD)
If references are entirely missing, you can add them using this form.