Debt Hangover in the Aftermath of the Great Recession

Autor: Aurélien Eyquem, Stéphane Auray, Paul Gomme
Přispěvatelé: Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] (ENSAI), Centre de Recherche en Economie et Statistique [Bruz] (CREST), Université du Littoral Côte d'Opale (ULCO), Groupe d'analyse et de théorie économique (GATE Lyon Saint-Étienne), Centre National de la Recherche Scientifique (CNRS)-Université de Lyon-Université Jean Monnet [Saint-Étienne] (UJM)-Université Claude Bernard Lyon 1 (UCBL), Université de Lyon-Université Lumière - Lyon 2 (UL2)-École normale supérieure - Lyon (ENS Lyon), Centre interuniversitaire de recherche en économie quantitative (CIREQ), Concordia University [Montreal], Centre de Recherche en Économie et Statistique (CREST), Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] (ENSAI)-École polytechnique (X)-École Nationale de la Statistique et de l'Administration Économique (ENSAE Paris)-Centre National de la Recherche Scientifique (CNRS), Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne (GATE Lyon Saint-Étienne), École normale supérieure de Lyon (ENS de Lyon)-Université Lumière - Lyon 2 (UL2)-Université Claude Bernard Lyon 1 (UCBL), Université de Lyon-Université de Lyon-Université Jean Monnet - Saint-Étienne (UJM)-Centre National de la Recherche Scientifique (CNRS), École normale supérieure - Lyon (ENS Lyon)-Université Lumière - Lyon 2 (UL2)-Université Claude Bernard Lyon 1 (UCBL), Université de Lyon-Université de Lyon-Université Jean Monnet [Saint-Étienne] (UJM)-Centre National de la Recherche Scientifique (CNRS)
Jazyk: angličtina
Rok vydání: 2019
Předmět:
Economics and Econometrics
Control and Optimization
media_common.quotation_subject
Government debt
Monetary economics
Recession
Consumption tax
Debt
0502 economics and business
Economics
050207 economics
government deficits
ComputingMilieux_MISCELLANEOUS
JEL: E - Macroeconomics and Monetary Economics/E.E2 - Consumption
Saving
Production
Investment
Labor Markets
and Informal Economy/E.E2.E24 - Employment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity
050205 econometrics
media_common
Government spending
JEL: E - Macroeconomics and Monetary Economics/E.E3 - Prices
Business Fluctuations
and Cycles/E.E3.E37 - Forecasting and Simulation: Models and Applications
JEL: E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy
Macroeconomic Aspects of Public Finance
and General Outlook/E.E6.E62 - Fiscal Policy
Applied Mathematics
05 social sciences
1. No poverty
tax reforms
Fiscal policies
[SHS.ECO]Humanities and Social Sciences/Economics and Finance
Fiscal policy
Macroeconomic model
Austerity
8. Economic growth
government debt
Zdroj: Journal of Economic Dynamics and Control
Journal of Economic Dynamics and Control, Elsevier, 2019, 105, pp. 107-133. ⟨10.1016/j.jedc.2019.06.001⟩
Toulouse School of Economics, Toulouse, Séminaire invité
Toulouse School of Economics, Toulouse, Séminaire invité, Dec 2016, Toulouse, France
21th conference "Theory and methods in Macroeconomics"
21th conference "Theory and methods in Macroeconomics", Mar 2017, Lisbonne, Portugal
Annual Conference of the Royal Economic Society
Annual Conference of the Royal Economic Society, Mar 2016, Brighton, United Kingdom
AMSE and MaGHiC Macroeconomic Workshop 2017
AMSE and MaGHiC Macroeconomic Workshop 2017, May 2017, Aix-en-Provence, France
23rd International Conference Computing in Economics and Finance, Fordham University, Lincoln Center Campus
23rd International Conference Computing in Economics and Finance, Fordham University, Lincoln Center Campus, Jun 2017, New york, United States
Journal of Economic Dynamics and Control, 2019, 105, pp.107-133. ⟨10.1016/j.jedc.2019.06.001⟩
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2019.06.001⟩
Popis: International audience; Following the Great Recession, U.S. government debt levels exceeded 100% of output. We develop a macroeconomic model to evaluate the role of various shocks during and after the Great Recession; labor market shocks have the greatest impact on macroeconomic activity. We then evaluate the consequences of using alternative fiscal policy instruments to implement a fiscal austerity program to return the debt-output ratio to its pre-Great Recession level. Our welfare analysis reveals that there is not much difference between applying fiscal austerity through government spending, the labor income tax, or the consumption tax; using the capital income tax is welfare-reducing.
Databáze: OpenAIRE
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