A New Action-Based Dataset of Fiscal Consolidation

Author/Editor: Andrea Pescatori ; Daniel Leigh ; Jaime Guajardo ; Pete Devries
Publication Date: June 01, 2011
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Summary: This paper presents a new dataset of fiscal consolidation for 17 OECD economies during 1978-2009. We focus on discretionary changes in taxes and government spending primarily motivated by a desire to reduce the budget deficit and not by a response to prospective economic conditions. To identify the motivation and budgetary impact of the fiscal policy changes, we examine contemporaneous policy documents, including Budgets, Budget Speeches, central bank reports, Convergence and Stability Programs submitted by the authorities to the European Commission, and IMF and OECD reports. The resulting series can be used to estimate the macroeconomic effects of fiscal consolidation.
Series: Working Paper No. 11/128
Subject(s): Budget deficits | Data analysis | Fiscal consolidation | OECD | Taxation

Author's Keyword(s): Fiscal policy | taxation | government expenditure
Publication Date: June 01, 2011
ISBN/ISSN: 9781455264407/1018-5941 Format: Paper
Stock No: WPIEA2011128 Pages: 90
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