The macroeconomic effects of fiscal consolidation in emerging economies: evidence from Latin America by Yan Carrière-Swallow, Antonio C. David, and Daniel Leigh published by IMF (6/2018). “…Based on this narrative dataset, our estimates suggest that fiscal consolidation has contractionary effects on GDP, consistent with a multiplier of 0.9. We find these effects to be close to those in OECD countries based on a similarly constructed dataset…”
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