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A decomposition of structural revenue developments for euro area member states

Morris, Richard; Reiss, Lukas - 2020

This paper presents a framework for analysing the evolution of the structural government deficit estimated using the official EU methodology relevant for the Stability and Growth Pact. The focus of our framework lies in the analysis of the main driving forces of changes in estimated structural...

Persistent link: https://www.econbiz.de/10012422117

A Decomposition of Structural Revenue Developments for Euro Area Member States

Morris, Richard - 2020

Persistent link: https://www.econbiz.de/10012825652

Monetary conservatism and fiscal policy

Adam, Klaus; Billi, Roberto M. - 2006

policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky … public goods generating private utility. We find that lack of fiscal commitment gives rise to excessive public spending. The … optimal inflation rate internalizing this distortion is positive, but lack of monetary commitment robustly generates too much …

Persistent link: https://www.econbiz.de/10011604709

Asset prices and fiscal balances

Eschenbach, Felix; Schuknecht, Ludger - 2002

The paper argues that there are important links between asset prices and public finances which can strongly affect the variability of fiscal balances. Asset prices affect fiscal balances via capital gains and turnover related taxes, and via wealth effects on consumption and indirect taxes. The...

Persistent link: https://www.econbiz.de/10011604187

The fiscal costs of financial instability revisited

Eschenbach, Felix; Schuknecht, Ludger - 2002

This paper conducts a comprehensive analysis of the fiscal costs of financial instability (defined as major asset price changes and including, as extreme cases, financial crises). The study identifies three channels to fiscal accounts: 1) revenue effects on capital gains, asset turnover and...

Persistent link: https://www.econbiz.de/10011604237

EU fiscal rules: issues and lessons from political economy

Schuknecht, Ludger - 2004

The paper analyses the EU fiscal rules from a political economy perspective and derives some policy lessons. Following a literature survey, the paper stresses the importance of appropriate incentives for rule compliance in an environment where national fiscal sovereignty precludes the option of...

Persistent link: https://www.econbiz.de/10011604467

Does fiscal austerity affect public opinion?

Kalbhenn, Anna; Stracca, Livio - 2015

In this paper we explore the impact of fiscal austerity on three different dimensions of public opinion (overall life satisfaction and confidence, attitude towards national authorities, and European institutions). Based on a panel of 26 EU countries, we find that, overall, fiscal consolidation...

Persistent link: https://www.econbiz.de/10011605819

Does Fiscal Austerity Affect Public Opinion?

Kalbhenn, Anna - 2015

Persistent link: https://www.econbiz.de/10013025081

Optimal Level of Government Debt - Matching Wealth Inequality and the Fiscal Sector

Vogel, Edgar - 2014

We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that the government should hold negative debt. Due to the high...

Persistent link: https://www.econbiz.de/10013056838

Population ageing and public pension reforms in a small open economy

Nickel, Christiane; Rother, Philipp; Theophilopoulou, … - 2008

This paper aims to address the issue of public pension reforms under demographic ageing that is likely to occur in Europe over the next 50 years. Three possible scenarios are analysed in a Blanchard OLG framework. These include: i) a decrease both in public pensions and the lump sum labour...

Persistent link: https://www.econbiz.de/10011604909

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