Fiscal consolidation during times of high unemployment : the role of productivity gains and wage restraint /
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| Author / Creator: | Lama, Ruy, 1975- (IMF staff), author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2015. |
| Description: | 1 online resource (41 pages) : color illustrations. |
| Language: | English |
| Series: | IMF working paper ; WP/15/262 IMF working paper ; WP/15/262. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12505644 |
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| 050 | 4 | |a HG3881.5.I58 |b W67 No. 15/262eb | |
| 100 | 1 | |a Lama, Ruy, |d 1975- |e (IMF staff), |e author. |0 http://id.loc.gov/authorities/names/n2003097517 | |
| 245 | 1 | 0 | |a Fiscal consolidation during times of high unemployment : |b the role of productivity gains and wage restraint / |c prepared by Ruy Lama and Juan Pablo Medina. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2015. | ||
| 300 | |a 1 online resource (41 pages) : |b color illustrations. | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/15/262 | |
| 500 | |a "December 2015." | ||
| 500 | |a "Research Department." | ||
| 504 | |a Includes bibliographical references (pages 37-40). | ||
| 520 | |a This paper studies the Swedish fiscal consolidation episode of the 1990s through the lens of a small open economy model with distortionary taxation and unemployment. We argue that the simultaneous reduction in the fiscal deficit and unemployment rate in this episode stems from two factors: (i) high growth rates of total factor productivity (TFP), experienced after the implementation of structural reforms; and (ii) a sustained wage restraint that occurred during the 1990s. The model simulations show that economic growth, accounted for mostly by TFP gains, improved the fiscal balance by 8 percentage points of GDP through an expansion of the tax base and fiscal revenues. Moreover, the combination of stable wages and higher TFP boosted net exports and led to a reduction in the unemployment rate. A counterfactual simulation assuming stagnant TFP shows that fiscal consolidation measures alone would have generated a double-digit unemployment rate without eliminating the fiscal deficit.--Abstract. | ||
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed December 22, 2015). | |
| 650 | 0 | |a Fiscal policy |z Sweden |x Econometric models. | |
| 650 | 0 | |a Unemployment |z Sweden |x Econometric models. | |
| 650 | 0 | |a Wages |z Sweden |x Econometric models. | |
| 650 | 0 | |a Industrial productivity |z Sweden |x Econometric models. | |
| 650 | 0 | |a Business cycles |z Sweden |x Econometric models. | |
| 650 | 6 | |a Politique fiscale |z Suède |x Modèles économétriques. | |
| 650 | 6 | |a Productivité |z Suède |x Modèles économétriques. | |
| 650 | 6 | |a Cycles économiques |z Suède |x Modèles économétriques. | |
| 650 | 7 | |a Business cycles |x Econometric models. |2 fast |0 (OCoLC)fst00842461 | |
| 650 | 7 | |a Fiscal policy |x Econometric models. |2 fast |0 (OCoLC)fst00925810 | |
| 650 | 7 | |a Industrial productivity |x Econometric models. |2 fast |0 (OCoLC)fst00971508 | |
| 650 | 7 | |a Unemployment |x Econometric models. |2 fast |0 (OCoLC)fst01161217 | |
| 650 | 7 | |a Wages |x Econometric models. |2 fast |0 (OCoLC)fst01169604 | |
| 651 | 7 | |a Sweden. |2 fast |0 (OCoLC)fst01204537 | |
| 700 | 1 | |a Medina Guzman, Juan Pablo, |d 1971- |e author. |0 http://id.loc.gov/authorities/names/no2005009315 | |
| 710 | 2 | |a International Monetary Fund. |b Research Department. |0 http://id.loc.gov/authorities/names/n77001219 | |
| 830 | 0 | |a IMF working paper ; |v WP/15/262. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2015/262/001.2015.issue-262-en.xml |y INTERNATIONAL MONETARY FUND |
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| 928 | |t Library of Congress classification |a HG3881.5.I58W67 No. 15/262eb |l Online |c UC-FullText |u http://elibrary.imf.org/view/journals/001/2015/262/001.2015.issue-262-en.xml |z INTERNATIONAL MONETARY FUND |g ebooks |i 12149991 | ||