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Fiscal Deficits, Public Debt and Government Solvency : Evidence from OECD Countries
Corsetti, Giancarlo - 1991
This paper discusses different empirical tests of public sector solvency and applies them to a sample of 18 OCED countries. Provided that the government solvency constraint need to be imposed, these tests develop from the idea of verifying whether the intertemporal budget constraint of the...
Persistent link: https://www.econbiz.de/10012475358
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Convergence and Modernization Revisited
Barro, Robert J. - 2012
"iron-law" rate of 2%. In the post-1960s panel, estimation without country fixed effects supports the modernization …In an 80-country panel since the 1960s, the convergence rate for per capita GDP is around 1.7% per year. This "beta … frame-34 countries with GDP data starting between 1870 and 1896-estimation with country fixed effects is more appropriate …
Persistent link: https://www.econbiz.de/10012460366
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Fiscal Discipline and the Cost of Public Debt Service : Some Estimates for OECD Countries
Ardagna, Silvia - 2004
We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on …
Persistent link: https://www.econbiz.de/10012467902
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Unbiased Estimation of the Half-Life to PPP Convergence in Panel Data
Choi, Chi-Young - 2004
deviations from panel data. They are the bias associated with inapproiate aggregation across heterogeneous coefficients, time … aggregation of commodity prices, and downward bias in estimation of dynamic lag coefficients. Each of these biases have been … annual panel data set of real exchange rates for 21 OECD countries from 1948 to 2002, our point estimate of the half-life is …
Persistent link: https://www.econbiz.de/10012468077
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Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes
Cecchetti, Stephen G. - 1999
Aggregate shocks that move output and inflation in opposite directions create a tradeoff between output and inflation variability, forcing central bankers to make a choice. Differences in the degree of accommodation of shocks lead to disparate variability outcomes, revealing national central...
Persistent link: https://www.econbiz.de/10012471355
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What are the Effects of Fiscal Policy Shocks?
Mountford, Andrew - 2008
We propose and apply a new approach for analyzing the effects of fiscal policy using vector autoregressions. Specifically, we use sign restrictions to identify a government revenue shock as well as a government spending shock, while controlling for a generic business cycle shock and a monetary...
Persistent link: https://www.econbiz.de/10012464097
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Fiscal Policy, Profits, and Investment
Alesina, Alberto - 1999
This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. In particular, we …
Persistent link: https://www.econbiz.de/10012471581
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Fiscal Divergence and Business Cycle Synchronization : Irresponsibility is Idiosyncratic
Darvas, Zsolt - 2005
Using a panel of 21 OECD countries and 40 years of annual data, we find that countries with similar government budget …
Persistent link: https://www.econbiz.de/10012467098
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Managing the Public Debt in Fiscal Stabilizations : The Evidence
Missale, Alessandro - 1997
This paper provides evidence on the behavior of public debt managers during fiscal" stabilizations in OECD countries over the last two decades. We find that debt maturity tends to" lengthen the more credible the program, the lower the long-term interest rate and the higher the" volatility of...
Persistent link: https://www.econbiz.de/10012472502
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The design of fiscal adjustments
Alesina, Alberto F. - 2012
This paper offers three results. First, in line with the previous literature, we confirm that fiscal adjustments based mostly on the spending side are less likely to be reversed. Second, spending based fiscal adjustments have caused smaller recessions than tax based fiscal adjustments. Finally,...
Persistent link: https://www.econbiz.de/10012460237