A New Action-Based Dataset of Fiscal Consolidation

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.
Publication date: June 2011
ISBN: 9781455264407
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Economics- Macroeconomics , Economics / General , International - Economics , spending cuts , budgetary impact , deficit reduction , tax measures , budget deficit , tax reform , tax cuts , fiscal policy , tax increases , tax rates , fiscal deficit , tax reductions , tax reduction , tax changes , government spending , government deficit , indirect taxes , tax cut , va

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