Effects of Austerity: Expenditure- and Tax-based Approaches
回顾了关于赤字削减政策（紧缩）宏观经济效应的争论，发现基于支出的紧缩计划成本远低于基于税收的计划，前者对产出影响近乎为零并降低债务/GDP比率，而后者则导致大规模长期衰退。
We review the debate surrounding the macroeconomic effects of deficit reduction policies (austerity). The discussion about "austerity" in general has distracted commentators and policymakers from a very important result, namely the enormous difference, on average, between expenditure- and tax-based austerity plans. Spending-based austerity plans are remarkably less costly than tax-based plans. The former have on average a close to zero effect on output and lead to a reduction of the debt/GDP ratio. Tax-based plans have the opposite effect and cause large and long-lasting recessions. These results also apply to the recent episodes of European austerity, which in this respect were not especially different from previous cases.