Lagging behind: the hysteresis of austerity

نویسندگان

چکیده

Abstract This paper investigates the role of hysteresis in long-term transmission consolidations a panel 17 OECD countries. The evidence supports that labour market is main driver consolidations’ effects: an increase rigidity exacerbates and prolongs contraction following tax-based consolidations, while it mutes expansion expenditure-based consolidations. In contrast, response productivity irrelevant to presence scars.

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ژورنال

عنوان ژورنال: Empirical Economics

سال: 2023

ISSN: ['1435-8921', '0377-7332']

DOI: https://doi.org/10.1007/s00181-023-02451-5