A New Action-Based Dataset of Fiscal Consolidation

91 Pages Posted: 12 Jun 2011  

Pete Devries

affiliation not provided to SSRN

Jaime Guajardo

International Monetary Fund (IMF)

Daniel Leigh

International Monetary Fund (IMF)

Andrea Pescatori

Federal Reserve Bank of Cleveland

Date Written: June 2011

Abstract

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.

Keywords: Budget deficits, Business cycles, Cross country analysis, Data analysis, Fiscal consolidation, Fiscal policy, Government expenditures, OECD, Taxation

Suggested Citation

Devries, Pete and Guajardo, Jaime and Leigh, Daniel and Pescatori, Andrea, A New Action-Based Dataset of Fiscal Consolidation (June 2011). IMF Working Papers, Vol. , pp. 1-90, 2011. Available at SSRN: https://ssrn.com/abstract=1861798

Pete Devries

affiliation not provided to SSRN

No Address Available

Jaime Guajardo (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Daniel Leigh

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Andrea Pescatori

Federal Reserve Bank of Cleveland ( email )

1455 E 6th ST
Cleveland, OH 44114
United States

HOME PAGE: http://clevelandfed.org/Research/Economists/index.cfm?action=ShowAuthorPubs&author=676&pagetype=6

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