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dc.contributor.authorCORICELLI, Fabrizio
dc.contributor.authorFIORITO, Riccardo
dc.contributor.authorMOLTENI, Francesco
dc.identifier.citationĽudovít ÓDOR (ed.), Rethinking fiscal policy after the crisis, Cambridge : Cambridge University Press, 2017, pp. 516-539en
dc.description.abstractIn this chapter we propose a new measure of discretionary public expenditures. We distinguish discretionary from non-discretionary spending by evaluating the persistence and volatility of expenditure components. Clearly, discretionary expenditures should be less persistent and more volatile than mandatory spending. By using this metric, we show that only about one third of total expenditure is ready to be used for the purposes of counter-cyclical discretionary fiscal policy in OECD countries. We also point to the puzzling fact that there has been little use of discretionary expenditures to counteract the Great Recession,especially in Europe.en
dc.titleDiscretionary fiscal policy and recessionsen
dc.typeContribution to booken

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