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Pré-publication, Document de travail Année : 2018

Debt Hangover in the Aftermath of the Great Recession

Résumé

Following the Great Recession, U.S. government debt levels exceeded 100% of output. We develop a macroeconomic model to evaluate the role of various shocks during and after the Great Recession; labor market shocks have the greatest impact on macroeconomic activity. We then evaluate the consequences of using alternative fiscal policy instruments to implement a fiscal austerity program to return the debt-output ratio to its pre-Great Recession level. Our welfare analysis reveals that there is not much difference between applying fiscal austerity through government spending, the labor income tax, or the consumption tax; using the capital income tax is welfare-reducing.
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Dates et versions

halshs-01942719, version 1 (03-12-2018)

Identifiants

  • HAL Id : halshs-01942719 , version 1

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Stéphane Auray, Aurélien Eyquem, Paul Gomme. Debt Hangover in the Aftermath of the Great Recession. 2018. ⟨halshs-01942719⟩
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Dernière date de mise à jour le 28/04/2024
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