A New Action-Based Dataset of Fiscal Consolidation

Andrea Pescatori, Daniel Leigh, Jaime Guajardo and Pete Devries

No 2011/128, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; deficit reduction; tax measure; fiscal year; budget deficit; income tax; Fiscal policy; taxation; government expenditure; public finance; tax side; debt service; coalition government; introduced tax hikes; Fiscal consolidation; Budget planning and preparation; Debt reduction; Government debt management; Global (search for similar items in EconPapers)
Pages: 90
Date: 2011-06-01
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Citations: View citations in EconPapers (239)

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