The Output Effect of Fiscal Consolidations

Alberto Alesina, Carlo Favero, Francesco Giavazzi

NBER Working Paper No. 18336
Issued in August 2012

---- Acknowledgements -----

We thank Silvia Ardagna, Olivier Blanchard, Giancarlo Corsetti, Marco Del Negro, Daniel Leigh, Roberto Perotti, Andrea Pescatori, , Christopher Sims, Guido Tabellini, and participants in seminars at European Central Bank, Bank of Italy, Federal Reserve Bank of San Francisco, Federal Reserve Bank of New York, London Buisness School, Northwestern university, NYU Stern, Bocconi, and the NBER conferences on Sovereign Debt and Financial Crises and The European Crises. Diana Morales, Madina Karamysheva and Andrea Passalacqua provided outstanding research assistance. This paper is part of the Growth and Sustanaibility Policies for Europe (GRASP) project (#244725) funded by the European Commission’s 7th Framework Programme. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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