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Trust what you hear : policy communication, expectations, and fiscal credibility

End, Nicolas; Hong, Gee Hee - 2022

How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy announcements anchor expectations, based on the...

Persistent link: https://www.econbiz.de/10013170265

The impact of austerity policies on local income : evidence from Italian municipalities

Cerrato, Andrea; Filippucci, Francesco - 2022

Persistent link: https://www.econbiz.de/10013207012

Individual treatment effects of budget balance rules

Caselli, Francesca; Stoehlker, Daniel; Wingender, Philippe - 2020

This paper investigates the heterogenous effects of budget balance rules on fiscal policy in a large sample of countries. To derive country-specific treatment effects of fiscal rules and conduct inference, we use a Synthetic Difference-in-Differences Method. Our results indicate that countries...

Persistent link: https://www.econbiz.de/10012485989

Fiscal consolidation and public wages

Chang, Juin-jen; Lin, Hsieh-Yu; Traum, Nora; Yang, … - 2019

A New Keynesian model with government production, public compensation, and unemployment is fit to U.S. data to study the macroeconomic and fiscal effects of public wage reductions. We find that accounting for the type of government spending is crucial for its macroeconomic implications. Although...

Persistent link: https://www.econbiz.de/10012102036

A model-based fiscal Taylor rule and a toolkit to assess the fiscal stance

Fournier, Jean-Marc; Lieberknecht, Philipp - 2020

This paper presents a model-based fiscal Taylor rule and a toolkit to assess the fiscal stance, defined as the change in the structural primary balance. This is built on the normative buffer-stock model of the government (Fournier, 2019) which includes key channels like hysteresis,...

Persistent link: https://www.econbiz.de/10012177607

Riding the storm : fiscal sustainability in the Caribbean

Cevik, Serhan; Nanda, Vibha - 2020

debt-to-GDP ratio. Nonlinear estimations, however, show that the quadratic debt parameter is negative, which indicates that …

Persistent link: https://www.econbiz.de/10012170127

Doing more with less : how can Brazil foster development while pursuing fiscal consolidation?

Flamini, Valentina; Soto, Mauricio - 2019

education (up to 1.5 percentage point of GDP) and health (up to 2.5 percentage points of GDP) without compromising the quality … of services but additional investments for over 3 percent of GDP per year are needed to close large infrastructure gaps …

Persistent link: https://www.econbiz.de/10012154654

A quantitative evaluation of the European commiccion's fiscal governance proposal

Darvas, Zsolt M.; Welslau, Lennard; Zettelmeyer, Jeromin - 2023

debt above 60 percent or deficits above 3 percent of GDP. We find that the proposed framework would require ambitious … fiscal adjustment: on average, more than 2 percent of GDP over the medium term, in addition to the adjustment that is already … framework. We also find that for most countries with debt above 60 percent of GDP, these adjustment requirements are driven by …

Persistent link: https://www.econbiz.de/10014372855

A comprehensive approach to the euro-area debt crisis : background calculations

Darvas, Zsolt M.; Gouardo, Christophe; Pisani-Ferry, Jean; … - 2011

Persistent link: https://www.econbiz.de/10008907698

The impact of the crisis on budget policy in Central and Eastern Europe

Darvas, Zsolt M. - 2009

This paper describes the particular impacts of the financial and economic crisis on central and eastern European (CEE) countries, studies pro-cyclicality of fiscal policies, discusses the impact of the crisis on fiscal policy, and the policy response of various governments. After drawing some...

Persistent link: https://www.econbiz.de/10003874233

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