Người tiêu dùng Mỹ có điều chỉnh đáng kể tỷ lệ tiết kiệm cá nhân của họ trong khi đầu tư nhà ở cùng một thời gian đã chậm lại rõ rệt. Điều này đã dẫn đến giảm đáng kể thâm hụt tài khoản vãng lai của Mỹ. Điều chỉnh khu vực tư nhân có thể là một đáp ứng cấu trúc và lâu dài để sửa chữa | European Commission Economic Crisis in Europe Causes Consequences and Responses Box Measuring the economic impact of fiscal stimulus under the EERP Table 1 reports the fiscal multipliers for the first year for different fiscal measures computed with the Commission s QUEST model Roeger and in t Veld 2009 . The macroeconomic impact of fiscal stimulus depends crucially on whether the shock is credibly temporary or perceived to be permanent. In the latter case economic agents will anticipate higher taxes and raise their savings. In general GDP effects are larger for public spending shocks government consumption and investment than for tax reductions and transfers to households. If monetary policy is assumed to be more accommodative towards the fiscal stimulus first year GDP effects are considerably larger as they are accompanied by lower real interest rates. Spending shocks and investment subsidies display the largest multipliers. Increasing investment subsidies yields sizeable effects especially if it is temporary since it leads to a reallocation of investment spending into the period the purchase of new equipment and structures is subsidised. Government investment yields a somewhat larger GDP multiplier than purchases of goods and services. However it is mainly the long run GDP multiplier not shown which shows a significant difference because of the productivity enhancing effects of government investment. An increase in government transfers has a smaller multiplier as it goes along with negative labour supply incentives. Temporary reductions in value added and labour taxes show smaller multipliers. Tighter credit constraints tend to increase the multiplier of these measures. A temporary reduction in consumption taxes is more effective than a reduction in labour taxes as also forward looking households respond to this change in the inter-temporal terms of trade. A temporary reduction of taxes is attractive from a credibility point of view since the private .
