Fiscal austerity vs. expansionary fiscal policy: on the results of these opposed economic policies applied to fight recessions

Joaquim Vergés-Jaime

Journal of Economic Policy Reform, 2023, vol. 26, issue 4, 421-441

Abstract: This paper presents an inquiry into the observed results when governments have implemented one or other type of (opposed) economic policy prescribed in economics to reverse the consequences of a global economic crisis –like that unleashed in 2008–. An updated assessment of the evidence in this respect is developed, through a review of available empirical studies and analysis of the outcomes -in terms of recovery of economic activity- of having applied one and the other ‘competing’ economic policies. The approach focuses on the causal relationships involved, mainly between variations in public spending/fiscal deficit and changes in economic activity’s indicators.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:taf:jpolrf:v:26:y:2023:i:4:p:421-441

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DOI: 10.1080/17487870.2023.2238109

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