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Fiscal Consolidation During Times of High Unemployment

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by Ruy Lama & Juan Pablo Medina Guzman
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Fiscal Consolidation During Times of High Unemployment by Ruy Lama & Juan Pablo Medina Guzman

This paper studies the Swedish fiscal consolidation episode of the 1990s through the lens of a small open economy model with distortionary taxation and unemployment. We argue that the simultaneous reduction in the fiscal deficit and unemployment rate in this episode stems from two factors: (i) high growth rates of total factor productivity (TFP), experienced after the implementation of structural reforms; and (ii) a sustained wage restraint that occurred during the 1990s. The model simulations show that economic growth, accounted for mostly by TFP gains, improved the fiscal balance by 8 percentage points of GDP through an expansion of the tax base and fiscal revenues. Moreover, the combination of stable wages and higher TFP boosted net exports and led to a reduction in the unemployment rate. A counterfactual simulation assuming stagnant TFP shows that fiscal consolidation measures alone would have generated a double-digit unemployment rate without eliminating the fiscal deficit.

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Ebook Details
Pages: 41
Size: 2.3 MB
Date published:   2015
ISBN: 9781513578781 (DRM-EPUB)
9781513570792 (DRM-PDF)

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Nonfiction > Business & Economics > International > Economics

These authors have products in the following categories:

Nonfiction > Business & Economics > International
Nonfiction > Business & Economics
Nonfiction > Business & Economics > Inflation
Nonfiction > Business & Economics > International > Economics

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