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A disaggregated framework for the analysis of structural developments in public finances
Kremer, Jana; Rodrigues Braz, Cláudia; Brosens, Teunis; … - 2006
In this paper, we present a disaggregated framework for the analysis of past and projected structural developments in the most relevant revenue and expenditure categories and the fiscal balance. The framework, in particular, distinguishes between the effects of discretionary fiscal policy and of...
Persistent link: https://www.econbiz.de/10011604625
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Fiscal sustainability and policy implications for the euro area
Balassone, Fabrizio; Cunha, Jorge; Langenus, Geert; … - 2009
-term targets defined in the context of the revised stability and growth pact would ideally need to be revised upwards to …
Persistent link: https://www.econbiz.de/10011605040
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Level, slope, curvature of the sovereign yield curve, and fiscal behaviour
Afonso, António; Martins, Manuel M.F. - 2010
We study fiscal behaviour and the sovereign yield curve in the U.S. and Germany in the period 1981:I-2009:IV. The latent factors, level, slope and curvature, obtained with the Kalman filter, are used in a VAR with macro and fiscal variables, controlling for financial stress conditions. In the...
Persistent link: https://www.econbiz.de/10011605322
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Fiscal developments and financial stress: a threshold VAR analysis
Afonso, António; Baxa, Jaromír; Slavík, Michal - 2011
economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … effect on output growth and worsens the fiscal position; (iv) the nonlinearity in the response of output growth to a fiscal …
Persistent link: https://www.econbiz.de/10011605365
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Fiscal Developments and Financial Stress : A Threshold VAR Analysis
Afonso, António - 2011
economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … effect on output growth and worsens the fiscal position; (iv) the nonlinearity in the response of output growth to a fiscal …
Persistent link: https://www.econbiz.de/10013128285
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Level, Slope, Curvature of the Sovereign Yield Curve, and Fiscal Behaviour
Afonso, António - 2010
We study fiscal behaviour and the sovereign yield curve in the U.S. and Germany in the period 1981:I-2009:IV. The latent factors, level, slope and curvature, obtained with the Kalman filter, are used in a VAR with macro and fiscal variables, controlling for financial stress conditions. In the...
Persistent link: https://www.econbiz.de/10013135491
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Fiscal Sustainability and Policy Implications for the Euro Area
Balassone, Fabrizio - 2009
-term targets defined in the context of the revised stability and growth pact would ideally need to be revised upwards to …
Persistent link: https://www.econbiz.de/10012765709
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A Disaggregated Framework for the Analysis of Structural Developments in Public Finances
Kremer, Jana; Rodrigues Braz, Cláudia; Brosens, Teunis; … - 2021
In this paper, we present a disaggregated framework for the analysis of past and projected structural developments in the most relevant revenue and expenditure categories and the fiscal balance. The framework, in particular, distinguishes between the effects of discretionary fiscal policy and of...
Persistent link: https://www.econbiz.de/10013318107
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Quality of public finances and growth
Afonso, António; Ebert, Werner; Schuknecht, Ludger; … - 2005
public expenditure and its financing via revenue and deficits, and economic growth. We review the various channels through … which public finances affect growth and its underlying determinants (institutional framework, employment, savings and … surveys the empirical findings on the impact of fiscal variables on sustained economic growth. …
Persistent link: https://www.econbiz.de/10011604484
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Fiscal policy and growth: do financial crises make a difference?
Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010
In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...
Persistent link: https://www.econbiz.de/10011605263