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What are the Effects of Fiscal Policy Shocks?
Mountford, Andrew; Uhlig, Harald - C.E.P.R. Discussion Papers - 2002
We investigate the effects of fiscal policy surprises for US data, using vector autoregressions. We overcome the difficulties that changes in fiscal policy may manifest themselves in variables other than fiscal variables first and that fiscal variables may respond ‘automatically’ to business...
Persistent link: https://www.econbiz.de/10005124017
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How Large Are the Effects of Tax Changes?
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2009
significantly different from zero. Following the findings in Bohn (1998), we also experiment with a model that includes debt and the … from the budget constraint makes a difference after 1980, when the response of fiscal variables to the level of the debt …
Persistent link: https://www.econbiz.de/10005082536
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Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy
Favero, Carlo A.; Giavazzi, Francesco; Perego, Jacopo - C.E.P.R. Discussion Papers - 2011
policy multiplier. The effect of fiscal policy on output is different depending on the different debt dynamics, the different …
Persistent link: https://www.econbiz.de/10009201121
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A Comparison of Debt and Primary-deficit Constraints
Beetsma, Roel; Ribeiro, Marcos Poplawski; Schabert, Andreas - C.E.P.R. Discussion Papers - 2008
This paper compares constraints on the public debt with constraints on the primary deficit. The analysis takes into … under the debt constraint. Further, the debt constraint is more robust against changes in the interest rate. Our results … lend support to the enhanced focus on the public debt after the recent reform of the Stability and Growth Pact. …
Persistent link: https://www.econbiz.de/10005662084
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Fiscal Adjustment to Cyclical Developments in the OECD: An Empirical Analysis Based on Real-Time Data
Beetsma, Roel; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2008
We explore how fiscal policies in the OECD have responded to unexpected information about the economy during the period 1995-2006. In particular, we first estimate standard fiscal rules using ex-ante data (i.e. forecasts). We then estimate how fiscal policy reacts to new information, especially...
Persistent link: https://www.econbiz.de/10005791832
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Budgeting versus implementing fiscal policy in the EU
Beetsma, Roel; Giuliodori, Massimo; Wierts, Peter - C.E.P.R. Discussion Papers - 2009
Using real-time data from Europe's Stability and Convergence Programs, we explore how fiscal plans and their implementation in the EU are determined. We find that (1) implemented budgetary adjustment falls systematically short of planned adjustment and this shortfall increases with the...
Persistent link: https://www.econbiz.de/10005041099
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Reconciling VAR-based and Narrative Measures of the Tax-Multiplier
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2010
The currently available empirical evidence shows remarkable differences between various estimates of the effects on U.S. output of an exogenous shift in Federal tax liabilities. Shocks identified via the narrative method imply a multiplier of about three over an horizon of three years. Tax...
Persistent link: https://www.econbiz.de/10008468626
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The 2008 Financial Crisis and Taxation Policy
Hemmelgarn, Thomas; Nicodème, Gaëtan - C.E.P.R. Discussion Papers - 2010
The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....
Persistent link: https://www.econbiz.de/10008468635
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Political Economics and Public Finance
Persson, Torsten; Tabellini, Guido - C.E.P.R. Discussion Papers - 1999
Observed fiscal policy varies greatly across time and countries. How can we explain this variation? This paper surveys the recent literature that has tried to answer this question. We adopt a unified approach in portraying public policy as the equilibrium outcome of an explicitly specified...
Persistent link: https://www.econbiz.de/10005067583
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Debt and the Effects of Fiscal Policy
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2007
study the effects of fiscal shocks keeping track of the debt dynamics that arises following a fiscal shock, and allowing for … the possibility that taxes, spending and interest rates might respond to the level of the debt, as it evolves over time …. We show that omitting a debt feedback can result in incorrect estimates of the dynamic effects of fiscal shocks. In …
Persistent link: https://www.econbiz.de/10005497892