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Less Government - More Wealth? On the Macroeconomics of a Smaller Public Sector in Europe

Haber, Gottfried; Neck, Reinhard; McKibbin, Warwick

Description

In this paper, we analyze the reactions of European economies to a fiscal policy strategy aiming at diminishing the public sector. Within the framework of the MSG3 model, a macroeconomic model of the world economy, we perform several simulation experiments to explore the effects of reducing government expenditures permanently in different phases of the business cycle. For this purpose, we combine the fiscal contraction with negative and positive, Euro Area-wide and global, supply and demand...[Show more]

CollectionsANU Research Publications
Date published: 2006
Type: Journal article
URI: http://hdl.handle.net/1885/18295
Source: International Advances in Economic Research
DOI: 10.1007/s11294-006-6121-3

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