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Automatic stabilization and discretionary fiscal policy in the financial crisis

机译:金融危机中的自动稳定和自由裁量性财政政策

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This paper investigates the relationship between the magnitude of automatic stabilizers in the tax and transfer systems of 19 EU countries and the US, and discretionary fiscal stimulus packages passed by these countries during the recent economic crisis. In particular, we ask whether countries with larger automatic stabilizers have enacted smaller discretionary fiscal stimulus programs. Our results support this hypothesis. Our findings also suggest that social transfers, in particular the rather generous systems of unemployment insurance in Europe, play a key role for the stabilization of disposable incomes and explain a large part of the difference in automatic stabilizers between Europe and the US.
机译:本文研究了19个欧盟国家和美国的税收和转移支付系统中自动稳定器的数量与这些国家在最近的经济危机期间通过的酌定财政刺激方案之间的关系。特别是,我们询问具有较大自动稳定器的国家是否制定了较小的自由裁量性财政刺激计划。我们的结果支持这一假设。我们的发现还表明,社会转移,特别是欧洲相当慷慨的失业保险制度,对稳定可支配收入起着关键作用,并解释了欧美之间自动稳定器的很大一部分差异。

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