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Sutherland, Douglas; Hoeller, Peter; Égert, Balázs; … - 2010

What changes are needed to make counter-cyclical economic policy more effective in the aftermath of the recent crisis? An important lesson from the severity of the recent recession is that policy in various areas will have to be more prudent during upswings and to build in greater safety margins...

Persistent link: https://www.econbiz.de/10012444497

Growth-Promoting Policies and Macroeconomic Stability

Sutherland, Douglas; Hoeller, Peter - 2013

Policy reforms aimed at boosting long-run growth often have side effects – positive or negative – on an economy’s vulnerability to shocks and their propagation. Macroeconomic shocks as severe and protracted as those since 2007 warrant a reconsideration of the role growth-promoting policies...

Persistent link: https://www.econbiz.de/10014151193

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

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

Fiscal Rules for Sub-central Governments : Design and Impact

Sutherland, Douglas - 2005

Against a background of mounting demands for spending on services provided by sub-central governments, this paper examines how fiscal rules can help to ensure that pressure on resources is minimised and available resources are used efficiently. Drawing on questionnaire responses and other...

Persistent link: https://www.econbiz.de/10012445608

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

Fiscal Consolidation : Part 3. Long-Run Projections and Fiscal Gap Calculations

Merola, Rossana; Sutherland, Douglas - 2012

During the economic and financial crisis, fiscal positions across the OECD countries deteriorated sharply. This raises the question of what level of primary deficit would ensure long-term sustainability and what degree of consolidation is needed. The purpose of this paper is to gauge the scale...

Persistent link: https://www.econbiz.de/10014174091

Fiscal Consolidation : Part 1. How Much is Needed and How to Reduce Debt to a Prudent Level?

Sutherland, Douglas - 2012

The economic and financial crisis was the catalyst for a fiscal crisis that engulfs many OECD countries. In most countries, budget deficits soared as a result of the economic slump, weaker revenues and the policy response to the crisis. Consolidating the public finances is an important challenge...

Persistent link: https://www.econbiz.de/10013112305