Fiscal Policy in Good Times and Bad

Roberto Perotti

The Quarterly Journal of Economics, 1999, vol. 114, issue 4, 1399-1436

Abstract: In the 1980s several countries with large government debt or deficit implemented substantial, and in some cases drastic, deficit cuts. Contrary to widespread expectations, in many cases private consumption boomed rather than contracted. This paper shows that in times of "fiscal stress" shocks to government revenues and, especially, expenditure have very different effects on private consumption than in "normal" times.

Date: 1999
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