Cyclical Budgetary Policy and Economic Growth: What Do We Learn From OECD Panel Data?

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Cyclical Budgetary Policy and Economic Growth: What Do We Learn From OECD Panel Data?

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Title: Cyclical Budgetary Policy and Economic Growth: What Do We Learn From OECD Panel Data?
Author: Aghion, Philippe; Marinescu, Ioana

Note: Order does not necessarily reflect citation order of authors.

Citation: Aghion, Philippe, and Ioana Marinescu. 2007. Cyclical budgetary policy and economic growth: What do we learn from OECD panel data? In NBER Macroeconomics Annual, ed. Daron Acemoglu, Kenneth Rogoff, and Michael Woodford, 251-278. Chicago: University of Chicago Press
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Abstract: This paper uses yearly panel data on OECD countries to analyze the relationship between growth and the cyclicality of government debt. We develop new time-varying estimates of the cyclicality of public debt. Our main findings can be summarized as follows: (i) less procyclical public debt growth can have significantly positive effects on productivity growth, in particular when financial development is lower; (ii) public debt growth has become increasingly countercyclical in most OECD countries over the past twenty years, but this trend has been less pronounced in the EMU; (iii) less financially developed or more open economies display less countercyclical public debt growth.
Published Version: http://www.nber.org/books/acem07-1
Other Sources: http://www.economics.harvard.edu/faculty/aghion/papers_aghion
Terms of Use: This article is made available under the terms and conditions applicable to Other Posted Material, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#LAA
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:3350066

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  • FAS Scholarly Articles [7219]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University
 
 

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