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Monetary Developments and Expansionary Fiscal Consolidations : Evidence from the EMU

Afonso, António - 2014

This paper provides new insights about the existence of expansionary fiscal consolidations in the Economic and Monetary Union, using annual panel data for 14 European Union countries over the period 1970-2012. Different measures for assessing fiscal consolidations based on the changes in the...

Persistent link: https://www.econbiz.de/10013050643

Interactions Between Monetary and Fiscal Policy : How Monetary Conditions Affect Fiscal Consolidation

Ahrend, Rudiger - 2006

This paper assesses how and in what circumstances, fiscal consolidations are affected by monetary conditions, using data covering 24 OECD countries over the past 25 years, Focusing on fiscal consolidation “episodes”, it is found that these tend to occur when large budget deficits threaten...

Persistent link: https://www.econbiz.de/10012444085

Simulating the OECD INTERLINK Model under Alternative Monetary Policy Rules

Richardson, Pete - 1990

This paper reviews the influence of a variety of different monetary rules for the G3 economies on the comparative simulation properties of a recent version of the OECD INTERLINK model. The simulated shocks are typically of a "global" nature, with the main objective being to assess the relative...

Persistent link: https://www.econbiz.de/10012445847

Factors Driving Risk Premia

Sløk, Torsten - 2004

fundamentals coupled with OECD-wide abundant liquidity. Regarding the latter two factors, principal component analysis was used … analysis finds that both economic fundamentals and liquidity have played a statistically significant role in driving the common … factor. It also finds that liquidity (measured as the GDP weighted average of M3 of the three major economies less its trend …

Persistent link: https://www.econbiz.de/10012445763

Constraints and demands on public finances: Considerations of resilient fiscal policy

Rawdanowicz, Łukasz - 2021

Over the past several decades, public debt has increased substantially in many OECD countries, particularly in the aftermath of recessions. The extent of this increase and the resulting debt levels varied across countries, partly reflecting differences in average budget balances. Despite rising...

Persistent link: https://www.econbiz.de/10012801149

Stabilization Effects of Social Spending : Empirical Evidence from a Panel of OECD Countries Overcoming the Financial Crisis in the United States

Furceri, Davide - 2009

The aim of this paper is to assess the ability of social spending to smooth output shocks and to provide stabilization. The results show that overall social spending is able to smooth about 16 percent of a shock to GDP. Among its subcategories, social spending devoted to Old Age and Unemployment...

Persistent link: https://www.econbiz.de/10012442859

Sub-central Governments and the Economic Crisis : Impact and Policy Responses

Blöchliger, Hansjörg; Charbit, Claire; Pinero Campos, … - 2010

The world is recovering from the worst crisis since the Great Depression, leaving a strong and lasting impact on Member countries’ public finances. This paper analyses how sub-central governments (SCG) are affected and how fiscal policy has reacted in the first months after the outbreak of the...

Persistent link: https://www.econbiz.de/10012443919

New Evidence on the Private Saving Offset and Ricardian Equivalence

Röhn, Oliver - 2010

financial markets are, pointing to the importance of liquidity constraints for the effectiveness of policy. …

Persistent link: https://www.econbiz.de/10012444625

Fiscal Indicators

Gramlich, Edward - 1990

This paper is one of three in this Working Paper Series, along with those by Chouraqui et al. and Blanchard, in which the assessment of fiscal policy is reconsidered. It reviews the question of what type of budget indicators the OECD should compile. Instead of the cyclically-adjusted budget, it...

Persistent link: https://www.econbiz.de/10012444744

Macroeconomic Performance and Fiscal Policy Adjustments in the Medium Term : Alternative Medium-Term Scenarios

Richardson, Pete - 1994

This paper describes a number of alternative medium-term scenarios for the OECD economies and related policy stimulations using the OECD world model INTERLINK. The starting point of the analysis is a reference scenario to 2000 featuring a general recovery of the OECD economies to steady state...

Persistent link: https://www.econbiz.de/10012445026