Saturday, November 21, 2009

New Research on Fiscal Policy

From Harvard's Alberto Alesina and Silvia Ardagna:

Large changes in fiscal policy: taxes versus spending

We examine cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 evidence on episodes of large stances in fiscal policy, both in cases of fiscal stimuli and in that of fiscal adjustments in OECD countries from 1970 to 2007. Fiscal stimuli based upon tax cuts are more likely to increase growth than those based upon spending increases. As for fiscal adjustments, those based upon spending cuts and no tax increases are more likely to reduce deficits and debt over GDP ratios than those based upon tax increases. In addition, adjustments on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 spending side racá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365r than on cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 tax side are less likely to create recessions.