wow-inequalities/02-data/intermediate/wos_sample/230f7bff1fbae2d99add9d0bd0ab6038-mcmanus-richard-and/info.yaml

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2023-09-28 14:46:10 +00:00
abstract: 'Distributional consequences of fiscal austerity, while being
increasingly recognized in the policy debate, have received little
attention in the existing formal work. This paper proposes a
medium-scale New Keynesian dynamic stochastic general equilibrium model
incorporating an appropriate dimension of household heterogeneity and a
well-specified fiscal structure, allowing for a comprehensive analysis
of losers and winners from austerity. We find, first, that cutting
transfers and public employment, and raising labour income taxes are the
most regressive forms of austerity, greatly raising income inequality.
In contrast, raising capital income taxes is progressive-the only such
policy in our analysis-and entails the smallest output losses in the
short term. Second, the speed of austerity emerges as a potential tool
in fiscal adjustment. Indeed, speedy austerity yields the worst
distributive and output effects irrespective of its composition.
Finally, fiscal consolidation is particularly damaging in downturns
where distributional effects are substantially more unfavourable than in
normal times.'
affiliation: 'McManus, R (Corresponding Author), Canterbury Christ Church Univ, North
Holmes Rd, Canterbury, Kent, England.
McManus, Richard, Canterbury Christ Church Univ, North Holmes Rd, Canterbury, Kent,
England.
Ozkan, F. Gulcin, Kings Coll London, Bush House,30 Aldwych, London, England.
Trzeciakiewicz, Dawid, Loughborough Univ, Epinal Way, Loughborough, Leics, England.'
author: McManus, Richard and Ozkan, F. Gulcin and Trzeciakiewicz, Dawid
author-email: 'richard.mcmanus@canterbury.ac.uk
gulcin.ozkan@kcl.ac.uk
d.g.trzeciakiewicz@lboro.ac.uk'
author_list:
- family: McManus
given: Richard
- family: Ozkan
given: F. Gulcin
- family: Trzeciakiewicz
given: Dawid
da: '2023-09-28'
doi: 10.1093/oep/gpz065
eissn: 1464-3812
files: []
issn: 0030-7653
journal: OXFORD ECONOMIC PAPERS-NEW SERIES
keywords-plus: 'MONETARY-POLICY; ECONOMIC-CONDITIONS; EURO AREA; CONSTRAINTS; QUALITY;
PRICES; MODEL; DEBT'
language: English
month: JAN
number: '1'
number-of-cited-references: '45'
pages: 317-349
papis_id: db0a4cb97a9c2fdb8e2b89596cfecbe7
ref: Mcmanus2021fiscalconsolidations
times-cited: '2'
title: 'Fiscal consolidations and distributional effects: which form of fiscal austerity
is least harmful?'
2023-10-01 08:15:07 +00:00
type: article
2023-09-28 14:46:10 +00:00
unique-id: WOS:000649017300015
usage-count-last-180-days: '0'
usage-count-since-2013: '1'
volume: '73'
web-of-science-categories: Economics
year: '2021'