Budget policy in 2016: In search of expansionary effects
Most of the net resources used by the new ‘Stability Law’ will be used to avoid the tax increases laid down by the deficit safeguard clauses, that is, to avoid asking households and companies to “put their hands in their pockets”. Without, however, putting any new cash in those pockets. Is this enough for this budget to be considered expansionary? We believe it is, up to a point. Meanwhile, available indicators suggest budget figures in line with their targets. This is not just thanks to the government.
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