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A New Action-based Dataset of Fiscal Consolidation

Author/Editor: Devries, Pete | Guajardo, Jaime | Leigh, Daniel | Pescatori, Andrea
Authorized for Distribution: June 1, 2011
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

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.
 
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Series: Working Paper No. 11/128
Subject(s): Budget deficits | Business cycles | Cross country analysis | Data analysis | Fiscal consolidation | Fiscal policy | Government expenditures | OECD | Taxation
Author's keyword(s): Fiscal policy | taxation | government expenditure
 
English  
    Published:   June 1, 2011        
            Format:   Paper
    Stock No:   WPIEA2011128   Pages:   90
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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