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Fiscal Policy Regimes and Household Consumption

机译：财政政策体制与家庭消费

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This paper investigates how different factors, such as size, duration and composition of fiscal changes, can alter the effects of fiscal policy on private consumption. Using an unbalanced panel of 19 OECD countries during the period 1960-2000, it is found that transfer changes are believed to be permanent during fiscal contractions. Hence, it is more likely that an expansionary fiscal contraction will occur if the government cuts transfers. This result highlights the importance of taking into account specific circumstances, such as the debt and deficit position, when studying expansionary fiscal contractions. The results also indicate that expansionary fiscal contractions are likely to come at a considerable social cost.
机译：本文研究了不同的因素，如规模，持续时间和财政变化的构成，如何改变财政政策对私人消费的影响。利用1960-2000年期间19个经合组织国家的不平衡小组，发现在财政紧缩期间转移转移被认为是永久性的。因此，如果政府削减转移支付，很有可能发生扩张性财政紧缩。该结果强调了在研究扩张性财政紧缩时，应考虑特定情况的重要性，例如债务和赤字状况。结果还表明，扩张性财政紧缩可能会付出可观的社会代价。

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