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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dc.contributor.author Aghion, Philippe
dc.contributor.author Marinescu, Ioana
dc.date.accessioned 2009-10-14T15:15:40Z
dc.date.issued 2007
dc.identifier.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 en_US
dc.identifier.isbn 978-0-226-00202-6 en_US
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:3350066
dc.description.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. en_US
dc.description.sponsorship Economics en_US
dc.language.iso en_US en_US
dc.publisher University of Chicago Press en_US
dc.relation.isversionof http://www.nber.org/books/acem07-1 en_US
dc.relation.hasversion http://www.economics.harvard.edu/faculty/aghion/papers_aghion en_US
dash.license LAA
dc.title Cyclical Budgetary Policy and Economic Growth: What Do We Learn From OECD Panel Data? en_US
dc.type Monograph or Book en_US
dc.description.version Accepted Manuscript en_US
dc.relation.journal NBER Macroeconomics Annual en_US
dash.depositing.author Aghion, Philippe
dc.date.available 2009-10-14T15:15:40Z

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  • FAS Scholarly Articles [7213]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University

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