Fiscal consolidation strategy

@inproceedings{Cogan2012FiscalCS,
  title={Fiscal consolidation strategy},
  author={F. Cogan and John Bernard Taylor and V. Wieland and Maik Wolters},
  year={2012}
}
In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In this paper we consider a fiscal consolidation strategy that brings the budget to balance by gradually reducing this spending ratio over time to the level that prevailed prior to the crisis. A crucial… CONTINUE READING
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