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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

Nothing Ventured, Nothing Gained : The Long-Run Fiscal Reward of Structural Reforms

Hoeller, Peter - 2006

The recent reform of the Stability and Growth Pact provides more leeway for EU governments to temporarily breach the 3% deficit limit if this facilitates the implementation of initially expensive reforms. But the implementation of this principle is not obvious as budgets would need to specify...

Persistent link: https://www.econbiz.de/10012442916

Overheating in Small Euro Area Economies : Should Fiscal Policy React?

Hoeller, Peter - 2002

This paper reviews first the fiscal policy recommendations by the EU, the IMF and the OECD for Finland, Greece, Ireland, Luxembourg, the Netherlands, Portugal and Spain. All these countries had inflation above the euro area average in early 2001, some by a considerable margin. The fiscal policy...

Persistent link: https://www.econbiz.de/10012444504

Government Consumption Volatility and the Size of Nations

Furceri, Davide - 2009

The aim of this paper is to analyze the relation between the volatility of government consumption and country size … countries have more volatile non-discretionary and discretionary government consumption, and also a more volatile government … economies; 3) the relation between government consumption volatility and country size is more negative for functions of …

Persistent link: https://www.econbiz.de/10012444578

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

The Effects of Fiscal Policy on Output : A DSGE Analysis

Furceri, Davide - 2010

consumption and a cut in the wage tax. The results are robust to different parameter calibrations and are economically significant …

Persistent link: https://www.econbiz.de/10012446129

Fiscal Policy Responsiveness, Persistence, and Discretion

Afonso, António - 2008

In this working paper, we decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample of 132 countries, our results point out that fiscal policy tends to be more persistent than responding to output variations. We also found that while the...

Persistent link: https://www.econbiz.de/10012447103