Fiscal policies enhancing growth in Europe: does one size fit all?
研究欧洲各国税收和公共支出结构变化对经济增长的不同影响，发现低增长国家应增加主权支出，而人力资本支出在表现不佳的国家会损害增长，福利支出仅在增长高于阈值时无效，直接税对低增长国家危害更大，表明不存在普遍适用的政策。
This paper provides evidence of various reactions of growth rates to changes in the composition of taxes and public spending in Europe. We use a quantile estimator to allow different slopes of fiscal variables, across countries and years. We find that sovereign spending should be encouraged in the medium term if growth is low, but the medium-term effect on the economic activity is not positive in situations of moderate or rapid growth. Human capital expenditure jeopardizes growth, if a country belongs to the group of under-performers, while the initial costs are progressively transformed into growth-friendly factors for the group of over-achievers. Welfare expenditure is unproductive in the medium term, but only above a given growth threshold. Higher direct taxes are more harmful for low-growth countries, since their effects are more persistent than for countries with high growth. Our findings are contrary the idea that one size fits all.