A New Action-Based Dataset of Fiscal Consolidation

Andrea Pescatori · Daniel Leigh · Jaime Guajardo · Pete Devries

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Fiscal Policies and Political Economy Economic and Fiscal Studies Fiscal Policy and Economic Growth

Abstract

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.

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References

2010The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks 2011Identifying Government Spending Shocks: It's all in the Timing*1998Costly capital reallocation and the effects of government spending 2011Expansionary Austerity New International Evidence

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