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This paper examines the link between fiscal rules and public investment both normatively and empirically. We first review the arguments for and against including public investment spending in a fiscal deficit rule. We then seek to assess the determinants of public investment, with a special...
Persistent link: https://www.econbiz.de/10005091383
This paper examines the link between fiscal rules and public investment both normatively and empirically. We first review the arguments for and against including public investment spending in a fiscal deficit rule. We then seek to assess the determinants of public investment, with a special...
Persistent link: https://www.econbiz.de/10008939538
We construct a narrative instrument for government investment from official records in Germany. Using structural vector autoregressions, we document a significant crowding-in of private investment and an output multiplier of roughly 2. Then, we match a New Keynesian dynamic stochastic general...
Persistent link: https://www.econbiz.de/10015211287
The article documents the construction of a narrative instrument for government investment, used in the paper 'An Estimation and Decomposition of the Government Investment Multiplier'.
Persistent link: https://www.econbiz.de/10015211330
Most parts of the Euro area have seen seven years of deep economic crisis. The strategy of tightening the fiscal constraints of the SGP has driven many member states into austerity. In contrast, the golden rule of public investment proposed in this study would be one important element of the...
Persistent link: https://www.econbiz.de/10011410863
It is by now a widely shared insight that fiscal policy needs to be re-strengthened as a macroeconomic policy instrument within European macroeconomic policies: Recent experiences with austerity policies, new research regarding the size of the fiscal multiplier and the fact that monetary policy...
Persistent link: https://www.econbiz.de/10011522248
This paper considers how environmental policies should respond to macroeconomic downturns. It first explores the implications of the global economic downturn of 2008-09 for environmental policies, focusing in particular on the example of action against climate change. The arguments for and...
Persistent link: https://www.econbiz.de/10010744909
The implementation of a golden rule of public investment as a necessary institutional reform and an important step aimed at overcoming the constraints imposed by the new European Economic Governance are proposed. The rule is widely accepted in traditional public finance and can deliver both...
Persistent link: https://www.econbiz.de/10014363254
Although the American Recovery and Reinvestment Act of 2009 (the Recovery Act) provided nearly $28 billion to state governments for improving U.S. highways, the highway system saw no significant improvement. For example, relative to the years before the act, the number of structurally deficient...
Persistent link: https://www.econbiz.de/10014121864
Persistent link: https://www.econbiz.de/10013033509