¿Qué preocupa a los gobiernos, la brecha de producción o el PIB?
Keywords:
Fiscal policy, Cycle stabilization, MacroeconomicsAbstract
Indicators of the cyclical position of an economy are a key input for both implementation and analysis of fiscal policy. This position just determines the way in which fiscal authorities responds. In both academic literature and international institutions, a recession is defined in terms of the cyclical position of an economy(,) depending on the level of the output-gap.However, are Government fiscal decisions triggered by the output-gap or by the change in the GDP? This is particularly important in the assessment of fiscal policy, because its stabilizing role may change depending on the chosen variable.
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