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Can We Rely Upon Fiscal Policy Estimates in Countries with Unreported Production of 15 Per Cent (or More) of GDP?

Basile, Raffaella - 2011

This paper analyzes the effects of fiscal policy in Italy by employing a database containing two statistical novelties: quarterly fiscal variables on accrual basis and a time series estimate of tax evasion for the period 1981:1-2006:4. Following Revenue Agency suggestions, we use in a VECM the...

Persistent link: https://www.econbiz.de/10013122250

Fiscal Policy in New EU Member States – Go East, Prudent Man!

Schneider, Ondrej; Zápal, Jan - CESifo - 2005

The European Union (EU) accepted ten new member states (NMS) in 2004. These countries, mostly former socialist countries, have had to adjust their economic policies to the EU’s standards. Perhaps most difficult has proven to be fiscal policy whereby NMS must comply with the Stability and...

Persistent link: https://www.econbiz.de/10005094350

Cross-Border Effects of Fiscal Consolidations : Estimates Based on Narrative Records

Hebous, Shafik; Zimmermann, Tom - 2021

We estimate cross-border spillover effects of fiscal consolidation episodes on output, bilateral trade flows, interest rate, and the exchange rate, employing the new IMF action-based fiscal consolidation data. Results indicate a negative effect of foreign fiscal consolidation policies on...

Persistent link: https://www.econbiz.de/10013315746

Estimating the Effects of Coordinated Fiscal Actions in the Euro Area

Hebous, Shafik - 2012

We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the … members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a … similar size area-wide shock expressed as a weighted average of the fiscal shocks across all member countries. According to …

Persistent link: https://www.econbiz.de/10013101197

Macroeconomic Effects of Government Spending Shocks : New Evidence Using Natural Disaster Relief in Korea

Yang, Weonho - 2012

We investigate the macroeconomic effects of government spending shocks in Korea. We compare results obtained with two alternative approaches: the narrative approach and Structural Vector-Autoregressive model (SVAR). We propose a new methodology for identifying exogenous and unexpected fiscal...

Persistent link: https://www.econbiz.de/10013100013

Absorbing Shocks : National Rainy-Day Funds and Cross-Country Transfers in a Fiscal Union

Goodspeed, Timothy - 2016

In this paper we investigate the interplay between national rainy-day funds and supra-national transfers in a fiscal union. Given that the EU has established rules limiting deficits, national rainy-day funds could in theory provide a way for countries to obey the rules and use fiscal policy, yet...

Persistent link: https://www.econbiz.de/10012979109

Government Spending Shocks and the Multiplier : New Evidence from the U.S. Based on Natural Disasters

Yang, Weonho - 2012

The literature on estimating macroeconomic effects of fiscal policy requires suitable instruments to identify exogenous and unanticipated spending shocks. So far, the instrument of choice has been military build-ups. This instrument, however, largely limits the analysis to the US as few other...

Persistent link: https://www.econbiz.de/10013097432

What are their Words Worth? Political Plans and Economic Pains of Fiscal Consolidations in New EU Member States

Zápal, Jan; Schneider, Ondrej - CESifo - 2006

In this paper, we track fiscal authority behaviour in the ten new EU member states (NSM) in the period which immediately preceded their EU accession. We first present basic stylized facts about public budgets of those countries. The paper then analyses reasons which led to periods of fiscal...

Persistent link: https://www.econbiz.de/10005766186

Using Real-Time Data to Test for Political Budget Cycles

Jong-A-Pin, Richard - 2012

We use real‐time annual data on the fiscal balance, government current spending, current revenues and net capital outlays as published at a half yearly frequency in the OECD Economic Outlook for 25 OECD countries. For each fiscal year t we have a number of forecasts, a first release, and...

Persistent link: https://www.econbiz.de/10013100272

Fiscal Shocks and Real Exchange Rate Dynamics : Some Evidence for Latin America

Caporale, Guglielmo Maria; Ciferri, Davide; Girardi, … - 2021

This paper analyses the effects of fiscal shocks using a two-country macroeconomic model for output, labour input, government spending and relative prices which provides the orthogonality restrictions for obtaining the structural shocks. Dynamic simulation techniques are then applied, in...

Persistent link: https://www.econbiz.de/10013316574

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