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Cost of borrowing shocks and fiscal adjustment
de Groot, Oliver; Holm-Hadulla, Fédéric; … - 2012
Do capital markets impose fiscal discipline on governments? We investigate the responses of fiscal variables to a change in the interest rate paid by governments on their debt in a panel of 14 European countries over four decades. This is done in the context of a panel vector autoregressive...
Persistent link: https://www.econbiz.de/10011605548
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Post-COVID fiscal rules: A central bank perspective
Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022
Regarding a prospective reform of the European Stability and Growth Pact (SGP) it seems rather consensual that a … growth rule as single operational indicator linked to a debt anchor. Compared to the status quo, our analysis suggests that … expenditure growth targets which take account of the ECB's symmetric 2% inflation target can improve the cyclical properties of …
Persistent link: https://www.econbiz.de/10013272147
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Cost of Borrowing Shocks and Fiscal Adjustment
de Groot, Oliver - 2013
Do capital markets impose fiscal discipline on governments? We investigate the responses of fiscal variables to a change in the interest rate paid by governments on their debt in a panel of 14 European countries over four decades. This is done in the context of a panel vector autoregressive...
Persistent link: https://www.econbiz.de/10013089247
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Post-Covid Fiscal Rules : A Central Bank Perspective
Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022
Regarding a prospective reform of the European Stability and Growth Pact (SGP) it seems rather consensual that a … growth rule as single operational indicator linked to a debt anchor. Compared to the status quo, our analysis suggests that … expenditure growth targets which take account of the ECB’s symmetric 2% inflation target can improve the cyclical properties of …
Persistent link: https://www.econbiz.de/10013297106