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|z 9781513501192
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|a 1018-5941
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|a Lama, Ruy.
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|a Fiscal Consolidation During Times of High Unemployment :
|b The Role of Productivity Gains and Wage Restraint /
|c Ruy Lama, Juan Pablo Medina Guzman.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2015.
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|a 1 online resource (41 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|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.
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|a Mode of access: Internet
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|a Medina Guzman, Juan Pablo.
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|a IMF Working Papers; Working Paper ;
|v No. 2015/262
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2015/262/001.2015.issue-262-en.xml
|z IMF e-Library
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