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- Publisher
- Oxford University Press
- Copyright
- © Published by Oxford University Press.
- Subject
- Articles
- ISSN
- 0033-5533
- eISSN
- 1531-4650
- DOI
- 10.1162/003355399556304
- Publisher site
- See Article on Publisher Site
Abstract
In the 1980s several countries with large government debt or deficit implemented substantial, and in some cases drastic, deficit cuts. Contrary to widespread expectations, in many cases private consumption boomed rather than contracted. This paper shows that in times of “fiscal stress” shocks to government revenues and, especially, expenditure have very different effects on private consumption than in “normal” times.
Journal
The Quarterly Journal of Economics – Oxford University Press
Published: Nov 1, 1999