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Fiscal consolidations in the Central and Eastern European countries

Afonso, António; Nickel, Christiane; Rother, Philipp - 2005

We study fiscal consolidations in the Central and Eastern European countries and what determines the probability of their success. We define consolidation events as substantive improvements in fiscal balances adjusting for the impact of cyclical effects. We use Logit models for the period...

Persistent link: https://www.econbiz.de/10011604519

Does government spending crowd in private consumption? Theory and empirical evidence for the euro area

Coenen, Günter; Straub, Roland - 2005

In this paper, we revisit the effects of government spending shocks on private consumption within an estimated New-Keynesian DSGE model of the euro area featuring non-Ricardian households. Employing Bayesian inference methods, we show that the presence of non-Ricardian households is in general...

Persistent link: https://www.econbiz.de/10011604559

Ricardian fiscal regimes in the European Union

Afonso, António - 2005

The prevalence of either Ricardian or non-Ricardian fiscal regimes is important both for practical policy reasons and to assess fiscal sustainability, and this is of particular relevance for European Union countries. The purpose of this paper is to assess, with a panel data set, the empirical...

Persistent link: https://www.econbiz.de/10011604604

Excess burden and the cost of inefficiency in public services provision

Afonso, António; Gaspar, Vítor - 2006

In this paper we revisit the literature on the economic consequences from inefficiency in public services provision. Following Dupuit (1844) and Pigou (1947) we argue that it is important to take the financing side explicitly into account. The fact that public expenditure financing must rely on...

Persistent link: https://www.econbiz.de/10011604647

Expansionary fiscal consolidations in Europe: new evidence

Afonso, António - 2006

In order to assess the existence of expansionary fiscal consolidations in Europe, panel data models for private consumption are estimated for the EU15 countries, using annual data over the period 1970–2005. Three alternative approaches to determine fiscal episodes are used, and the level of...

Persistent link: https://www.econbiz.de/10011604721

Tax reform and labour-market performance in the euro area: a simulation-based analysis using the New Area-Wide Model

Coenen, Günter; McAdam, Peter; Straub, Roland - 2007

at the European Central Bank to examine the potential benefits and spillovers of reducing labour-market distortions … caused by euro area tax structures. Our analysis shows that lowering tax distortions to levels prevailing in the United … States would result in an increase in hours worked and output by more than 10 percent. At the same time, tax reductions would …

Persistent link: https://www.econbiz.de/10011604793

The dynamic behaviour of budget components and output

Afonso, António; Claeys, Peter - 2007

reversals in tax policies, which are unmatched by expenditure adjustments. As a consequence, deficits rise when economic …

Persistent link: https://www.econbiz.de/10011604821

What do we really know about fiscal sustainability in the EU? A panel data diagnostic

Afonso, António; Rault, Christophe - 2007

We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel...

Persistent link: https://www.econbiz.de/10011604866

Economic growth and budgetary components: a panel assessment for the EU

Afonso, António; González Alegre, Juan - 2008

In this paper we test whether a reallocation of government budget items can enhance long-term GDP growth in a set of European countries. We apply modern panel data techniques to the period 1970-2006, and we use three alternative dependent variables in a growth regression: economic growth, total...

Persistent link: https://www.econbiz.de/10011604894

Government size, composition, volatility and economic growth

Afonso, António; Furceri, Davide - 2008

This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government...

Persistent link: https://www.econbiz.de/10011604895