Der Beitrag untersucht, welche Möglichkeiten bestehen, die Folgen der Finanz- und Wirtschaftskrise im Rahmen der Anwendung des Stabilitäts- und Wachstumspakts zu berücksichtigen. Dabei werden insbesondere Möglichkeiten und Grenzen einer 'flexiblen' Anwendung des Pakts erörtert. Er...

This study aims to assess the gross domestic debt sustainability of Turkey through construction of a risk index suitable for short-term policy making. Construction of the risk index follows a methodology similar to the Garcia and Rigobon's Risk Management Approach (2004). However, unlike most...

This study examines the effects of fragmented governments and fiscal authorities on budget deficits in Turkey along with political business cycle effects. For econometric analysis we will use annual data from the period of 1960-2009. This paper sheds light on various dispersion indices and their...

We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to...

We examine the natural rate of unemployment estimates of two international organizations (OECD and European Commission) and various release dates. Since estimates differ to a large extent, empirical research results which use natural rate estimates will also vary depending on the data source...

We estimate a DSGE model for Brazil that includes both anticipated and unanticipated fiscal shocks. The model contains a relatively detailed public sector, which allows us to investigate the effects of anticipation for a much wider array of fiscal instruments than previously considered in the...

Public finance is a vital area of study that helps governments make informed decisions about how to raise and allocate funds to finance their activities, ultimately contributing to the well-being of society. Oil-rich developing and emerging economies present a distinct set of public finance...

This paper builds a small size dynamic stochastic general equilibrium (DSGE) model with government, aiming to replicate key features of the Brazilian economy. I first calibrate and then I use Bayesian methods to estimate the model for Brazil, with 20 years of quarterly aggregate data. Contrary...

The VAR/SVAR (Vector Autoregressive and Structural Vector Autoregressive) models are the cornerstone of the contemporaneous empirical macroeconomic research, in particular for being able to measure the impact of fiscal policy shocks. They may be employed as atheoretical models, as well as a mean...