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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

'Real time'early warning indicators for costly asset price boom/bust cycles : a role for global liquidity

Alessi, Lucia; Detken, Carsten - 2009

versus credit based liquidity indicators. We find that global measures of liquidity are among the best performing indicators … and Busts ; Global Liquidity …

Persistent link: https://www.econbiz.de/10003832594

Government size, composition, volatility and economic growth

Afonso, António (contributor); Furceri, Davide (contributor) - 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/10003636033

Market power and fiscal policy in OECD countries

Afonso, António; Costa, Luis Filipe Pereira da - 2010

We compute average mark-ups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions the results, with annual data for a set of 14 OECD countries covering the period 1970-2007, show...

Persistent link: https://www.econbiz.de/10003972660

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/10003983667

Revisiting fiscal sustainability : panel cointegration and structural breaks in OECD countries

Afonso, António; Jalles, João Tovar - 2012

Persistent link: https://www.econbiz.de/10009765143

Expansionary fiscal consolidations in Europe : new evidence

Afonso, António (contributor) - 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 19702005. Three alternative approaches to determine fiscal episodes are used, and the level of...

Persistent link: https://www.econbiz.de/10003367543

Liquidity shocks and asset price boom/bust cycles

Adalid, Ramón (contributor); Detken, Carsten (contributor) - 2007

We provide systematic evidence for the association of liquidity shocks and aggregate asset prices during mechanically … and credit. Our derivation of liquidity shocks allows for frequent shifts in velocity as they are derived as structural … periods are able to well explain the depth of post-boom recessions. We further suggest that liquidity shocks are a driving …

Persistent link: https://www.econbiz.de/10003422826

Asset price booms and monetary policy

Detken, Carsten (contributor); Smets, Frank (contributor) - 2004

Persistent link: https://www.econbiz.de/10002125226