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BUDGET PERSPECTIVES 2008: FISCAL POLICY FOR A SLOWING ECONOMY

Lane, Philip R. (2008) BUDGET PERSPECTIVES 2008: FISCAL POLICY FOR A SLOWING ECONOMY. [Policy Paper]

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    Abstract

    The aim of this paper is to consider the implications for fiscal policy of a deceleration in output growth. This is an important topic, since membership of EMU means that fiscal policy is the now main policy instrument for macroeconomic stabilisation. It is relevant, since there are several warning signals that suggest that the probability of an economic slowdown has increased. Although there are elements that are common to other member countries of EMU, Ireland is a special case in many ways in view of its outlier status in terms of extraordinarily rapid growth over the last decade. Moreover, output growth has been outpaced by tax revenues and major public expenditure items, such that the potential scale of adjustment in fiscal policy is non-trivial.

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    Item Type: Policy Paper
    Subjects for non-EU documents: Countries > Ireland
    EU policies and themes > Policies & related activities > economic and financial affairs > fiscal policy
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Economic and Social Research Institute (ESRI), Dublin > ESRI Budget Perspectives
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 22 Sep 2019 10:45
    Number of Pages: 25
    Last Modified: 22 Sep 2019 10:45
    URI: http://aei.pitt.edu/id/eprint/99007

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