The effects of fiscal policy on consumption in recessions and expansions
The effects of fiscal policy on consumption in recessions and expansions
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衰退和扩张时期财政政策对消费的影响
DOI：
10.1016/j.jpubeco.2007.11.007
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发表时间：
2008
影响因子：
9.8
通讯作者：
Athanasios Tagkalakis
中科院分区：
文献类型：
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作者：
Athanasios Tagkalakis
本文探讨了 1970 年至 2002 年期间 19 个经合组织国家的年度小组讨论在衰退和扩张期间财政政策变化对私人消费的影响。在家庭流动性受到约束的情况下，财政政策在经济衰退时比经济扩张时更能有效地刺激私人消费。在消费信贷市场欠发达的国家，这种影响更为明显。发生这种情况的原因是，在经济衰退期间面临约束性流动性限制的一小部分个人将消耗意外减税或政府支出增加后产生的额外收入。
This paper explores in a yearly panel of nineteen OECD countries from 1970–2002 the effects of fiscal policy changes on private consumption in recessions and expansions. In the presence of binding liquidity constraints on households, fiscal policy is more effective in boosting private consumption in recessions than in expansions. The effect is more pronounced in countries characterized by a less developed consumer credit market. This happens because the fraction of individuals that face binding liquidity constraints in a recession will consume the extra income generated following an unanticipated tax cut or government spending increase.