The New Polymath: Profiles in Compound-Technology

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Los equipos de trabajo: una práctica basada en la gestión del conocimiento. Second, while not all fiscal adjustments lead to economic expansion, spending-based adjustments are less recessionary than those achieved through tax increases. [21] When successful spending-based adjustments were not expansionary, they were associated with mild and short-lived recessions, while tax increases failed to reduce the debt and were associated with large recessions. [22] These findings hold even when using the IMF definitions of fiscal adjustments. [23] In fact, these findings are consistent with IMF studies themselves. [24] For instance, IMF economists Jaime Guajardo, Daniel Leigh, and Andrea Pescatori studied 173 fiscal consolidations in rich countries and found that “nations that mostly raised taxes suffered about twice as much as nations that mostly cut spending.” [25] IMF researchers, however, downplay this result and incorrectly attribute it—as shown by Alesina, Favero, and Giavazzi—to reactions of monetary policy to different types of fiscal adjustments.

Pages: 384

Publisher: Wiley; 1 edition (June 28, 2010)

ISBN: 0470618302

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