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In this paper, the Spanish fiscal policy sustainability is tested for the period 1964-1996. The theoretical framework used in this paper draws from Quintos (1995) where a distinction between weak and strong conditions for deficit sustainability is pointed out. From an empirical point of view,...
Persistent link: https://www.econbiz.de/10005731110
In this paper we compare the results of applying two different approaches to the determination of real exchange rates. The first approach is based on relative fiscal impulses, as defined by the IMF, that account for demand shocks and was implicitly proposed by Obsfeld (1985). For the second...
Persistent link: https://www.econbiz.de/10008550419
The purpose of this paper is to estimate a stochastic-intertemporal model of effective consumption. Our main emphasis is on assessing whether there is a significant relationship (substitutability or complementarity) between government expenditure (consumption and investment) and private...
Persistent link: https://www.econbiz.de/10008553098