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Fiscal rules and compliance expectations : evidence for the German debt brake
Heinemann, Friedrich; Janeba, Eckhard; Schröder, Christoph - 2014
Fiscal rules have become popular to limit deficits and high debt burdens in industrialized countries. A growing literature examines their impact based on aggregate fiscal performance. So far, no evidence exists on how fiscal rules influence deficit expectations of fiscal policy makers. In the...
Persistent link: https://www.econbiz.de/10010357588
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German public finances through the financial crisis
Blömer, Maximilian (contributor) - 2015
The German experience of the crisis was very different compared to those of most other countries in Europe. Germany was … situation and how the crisis unfolded in Germany, before focusing on the situation of public finances. Finally, we analyse the …
Persistent link: https://www.econbiz.de/10011286043
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Cyclically neutral generational accounting
Bonin, Holger; Patxot, Concepció; Souto, Guadalupe - 2013
This paper introduces a methodological innovation into Generational Accounting. By incorporating cyclically-adjusted balances into the forward-looking budget projections underlying the concept we isolate pure policy effects, which render comparisons of the fiscal sustainability indicators...
Persistent link: https://www.econbiz.de/10010204041
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Balanced budget rules and fiscal outcomes : evidence from historical constitutions
Asatryan, Zareh; Castellon, Cesar; Stratmann, Thomas - 2016
This paper studies the long-run fiscal consequences of balanced budget rules (BBR) that are enshrined in a country's constitution. Using historical data dating back to the 19th century and applying a difference-in-difference approach we find that the introduction of a constitutional-BBR reduces...
Persistent link: https://www.econbiz.de/10011454137
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Who's coming to the rescue? : revenue-sharing slumps and implicit bailouts during the Great Recession
Foremny, Dirk; Solé-Ollé, Albert - 2016
This paper analyzes the distribution of discretionary transfers from higher tiers of government in the process of fiscal adjustment in local jurisdictions which were hit by a negative revenue shock in formula transfers. Spanish local governments experienced a 30% fall in their revenue-sharing...
Persistent link: https://www.econbiz.de/10011499738
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Regional stabilization by fiscal equalization? : theoretical considerations and empirical evidence from Germany
Büttner, Thiess - 1999
actually favors stabilization. In an empirical analysis for Germany, the paper adds support for the finding of significant … regional stabilization by fiscal flows. The results indicate that about 17 % of GDP variation across West Germany's states has … been removed by fiscal flows during the last two decades. Thus, in Germany where the fiscal federalism is criticised for …
Persistent link: https://www.econbiz.de/10011442662
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Government Deficit Shocks and Okun's Coefficient Volatility : New Insights on the Austerity Versus Growth Debate
Pham, Binh Thai - 2019
This paper connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert et al., 2019); (ii) Okun's coefficient is time varying and may be unstable. The intertwined dynamic behavior of fiscal shocks and unemployment-output trade-offs are...
Persistent link: https://www.econbiz.de/10012864881
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The long-run effect of fiscal consolidation on economic growth : evidence from quantitative case studies
Kleis, Mischa; Moessinger, Marc-Daniel - 2016
We contribute to the literature on the long-run effect of fiscal consolidation on economic growth by applying a novel method for quantitative case studies. Relying on a qualitative (narrative) definition of fiscal consolidations based on an examination of historical policy documents and using...
Persistent link: https://www.econbiz.de/10011490895
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The long-run effect of fiscal consolidation on economic growth : evidence from quantitative case studies
Kleis, Mischa; Moessinger, Marc-Daniel - 2016 - This version: November 2016
We contribute to the literature on the long-run effect of fiscal consolidation on economic growth by applying a novel method for quantitative case studies. Relying on a qualitative (narrative) definition of fiscal consolidations based on an examination of historical policy documents and using...
Persistent link: https://www.econbiz.de/10011576967
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Do fiscal rules constrain fiscal policy? : a meta-regression-analysis
Heinemann, Friedrich; Moessinger, Marc-Daniel; Yeter, … - 2016
We implement a meta-regression-analysis for the budgetary impact of numerical fiscal rules. Based on 30 studies published in the last decade, we offer a consensus estimate with respect to the level of statistical significance, provide suggestive evidence for the effect size, and identify study...
Persistent link: https://www.econbiz.de/10011444762