The Efficiency of Fiscal Policies: a Survey of the Literature
The efficiency of fiscal policy has been studied through the assessment of multipliers associated with discretionary measures and through the smoothing power of automatic stabilisers. In the first case, studies generally highlight the expansionary impact of large fiscal contractions, especially when government expenditures are cut or indirect rather than direct taxes are increased. In the second case, automatic stabilisers are found efficient to cushion macroeconomic shocks but not enough to fully offset them. Discretionary actions may add to the stabilisation purpose.
fiscal policy; automatic stabilisers; fiscal multiplier; tax and budget policy
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