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A New Action-Based Dataset of Fiscal Consolidation

  • Andrea Pescatori
  • Daniel Leigh
  • Jaime Guajardo
  • Pete Devries

This paper presents a new dataset of fiscal consolidation for 17 OECD economies during 1978-2009. We focus on discretionary changes in taxes and government spending primarily motivated by a desire to reduce the budget deficit and not by a response to prospective economic conditions. To identify the motivation and budgetary impact of the fiscal policy changes, we examine contemporaneous policy documents, including Budgets, Budget Speeches, central bank reports, Convergence and Stability Programs submitted by the authorities to the European Commission, and IMF and OECD reports. The resulting series can be used to estimate the macroeconomic effects of fiscal consolidation.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/128.

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Length: 90
Date of creation: 01 Jun 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/128
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  1. Christina D. Romer & David H. Romer, 2007. "The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks," NBER Working Papers 13264, National Bureau of Economic Research, Inc.
  2. Wolswijk, Guido, 2007. "Short- and long-run tax elasticities: the case of the Netherlands," Working Paper Series 0763, European Central Bank.
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