Large Changes in Fiscal Policy: Taxes Versus Spending

Alberto F. Alesina, Silvia Ardagna

NBER Working Paper No. 15438
Issued in October 2009, Revised in December 2011

---- Acknowledgments ----

Prepared for Tax Policy and the Economy 2009. We thank Jeffrey Brown, Roberto Perotti, Matthew Shapiro and other conference participants for useful comments and discussions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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