The Macroeconomics of Parties' Tax and Spending Plans

Arno Hantzsche and Garry Young

National Institute of Economic and Social Research (NIESR) General Election Briefings, 2019, issue 8

Abstract: Most economic analyses of parties' tax and spending promises treat the government's budget like that of a household, ignoring the impact of proposed policies on the economy. This briefing aims to fill this gap by providing a macroeconomic assessment of announced fiscal policies. It focuses on: The impact of the parties' tax and spending plans on economic output and consumer prices; The combined impact of parties' Brexit policies and tax and spending plans on the economy; How monetary policy is likely to respond to prevent inflation rising above target; A discussion of economic policies beyond tax and spending and their effect on the economy.

Date: 2019-12
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Persistent link: https://EconPapers.repec.org/RePEc:nsr:niesrg:i:8:m:december:y:2019

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