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Social Implications of Fiscal Policy Responses During Crises

  • Carlos A. Vegh
  • Guillermo Vuletin

This paper studies the social implications of fiscal policy responses to crises in Latin America over the last 40 years and in the Eurozone during the aftermath of the global financial crisis. We focus on the behavior of four social indicators: the poverty rate, income inequality, unemployment rate, and domestic conflict. We find a causal link from counteryclical (procyclical) fiscal policy responses to reductions (increases) in all four social indicators. These results call into question recent claims on "expansionary fiscal austerity."

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File URL: http://www.nber.org/papers/w19828.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 19828.

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Date of creation: Jan 2014
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Handle: RePEc:nbr:nberwo:19828
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  1. Ugo Panizza & Dany Jaimovich, 2007. "Procyclicality or Reverse Causality?," IDB Publications (Working Papers) 6843, Inter-American Development Bank.
  2. Vulentin, Guillermo & Vegh, Carlos A & Frankel, Jeffrey A., 2012. "On Graduation from Fiscal Procyclicality," Scholarly Articles 8694931, Harvard Kennedy School of Government.
  3. Riera-Crichton, Daniel & Vegh, Carlos A. & Vuletin, Guillermo, 2014. "Fiscal multipliers in recessions and expansions : does it matter whether government spending is increasing or decreasing ?," Policy Research Working Paper Series 6993, The World Bank.
  4. Alan J. Auerbach & Yuriy Gorodnichenko, 2012. "Fiscal Multipliers in Recession and Expansion," NBER Chapters, in: Fiscal Policy after the Financial Crisis, pages 63-98 National Bureau of Economic Research, Inc.
  5. Daniel Riera-Crichton & Carlos A. Vegh & Guillermo Vuletin, 2012. "Tax Multipliers: Pitfalls in Measurement and Identification," NBER Working Papers 18497, National Bureau of Economic Research, Inc.
  6. Ethan Ilzetzki & Carlos A. Vegh, 2008. "Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?," NBER Working Papers 14191, National Bureau of Economic Research, Inc.
  7. Carlos A. Vegh & Guillermo Vuletin, 2012. "How is Tax Policy Conducted over the Business Cycle?," NBER Working Papers 17753, National Bureau of Economic Research, Inc.
  8. César Calderón & Klaus Schmidt-Hebbel, 2008. "Business Cycles and Fiscal Policies: the Role of Institutions and financial Markets," Working Papers Central Bank of Chile 481, Central Bank of Chile.
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