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Modeling fiscal sustainability in dynamic macro-panels with heterogenous effects : evidence from German federal states

Feld, Lars P.; Köhler, Ekkehard A.; Wolfinger, Julia - 2018

In this paper, we extend Henning Bohn's (2008) fiscal sustainability test by allowing for slope heterogeneity and cross-sectional dependence (CD). In particular, our econometric approach is the first that allows fiscal reaction functions (FRF) to capture unobserved heterogeneous effects from...

Persistent link: https://www.econbiz.de/10011814265

Fiscal policy adjustments to budget shocks : evidence from German municipalities

Christofzik, Désirée I.; Schneider, Benny - 2019

We study the fiscal policy reactions of municipalities in the German state of North Rhine-Westphalia to an unanticipated spending shock. The implementation of a horizontal transfer system led to additional contributions for selected municipalities. Using the quasi-random assignment, we examine...

Persistent link: https://www.econbiz.de/10012120088

Output, prices and public debt under the new German fiscal consensus

Ochsner, Christian; Zuber, Christopher - 2025

Germany is undergoing a major shift in fiscal policy. In response to recent crises and long-term structural challenges … orthodoxy. This paper investigates the macroeconomic implications of Germany's new fiscal consensus, focusing on how the … long-term economic resilience and fiscal sustainability, offering important lessons for Germany and the broader EU as …

Persistent link: https://www.econbiz.de/10015413621

Der Europäische Schuldentilgungspakt : Fragen und Antworten

2012 - Stand: 25. Januar 2012

Persistent link: https://www.econbiz.de/10009751322

The European Redemption Pact : an illustrative guide

Doluca, Hasan; Hübner, Malte; Rumpf, Dominik; Weigert, … - 2012

The European Redemption Pact (ERP), a proposal of the German Council of Economic Experts, describes an exit strategy from the debt crisis which currently plagues the Euro-Area. The pact includes a binding commitment of all participating countries to bring public debt ratios below the reference...

Persistent link: https://www.econbiz.de/10009751324

A new framework for fiscal policy consolidation in Europe

Bofinger, Peter; Ried, Stefan - 2010

Current developments in Greece make clear that the rules of the European Stability and Growth Pact (SGP) were neither strict enough nor enforced strictly enough. To deal with the ongoing fiscal exit and its related phenomena of crisis, we propose a new framework for fiscal policy consolidation...

Persistent link: https://www.econbiz.de/10009751385

The European Redemption Pact (ERP) : questions and answers

2012 - This version: 25th January 2012

Persistent link: https://www.econbiz.de/10009751945

A mechanism to regulate sovereign debt restructuring in the euro area

Andritzky, Jochen; Christofzik, Désirée I.; Feld, Lars P. - 2016

Persistent link: https://www.econbiz.de/10011515993

Uniting European fiscal rules : how to strenghten the fiscal framework

Christofzik, Désirée I.; Feld, Lars P.; Reuter, Wolf … - 2018

The current European fiscal framework is highly complex. The multitude of fiscal rules and the discretion in their enforcement precludes an effective oversight and weakens the effectiveness of fiscal rules substantially. Against this background, we present a proposal for a careful refocusing of...

Persistent link: https://www.econbiz.de/10011898769

Does fiscal oversight matter?

Christofzik, Désirée I.; Kessing, Sebastian - 2018

A gradually introduced reform of local government accounting made it temporarily possible for municipalities in the German state of North Rhine-Westphalia to avoid the effective control of their budget by the authorities in charge of overseeing local government budgets and enforcing the existing...

Persistent link: https://www.econbiz.de/10011788531