Ciżkowicz, Piotr; Rzońca, Andrzej; Trzeciakowski, Rafał - Associazione Italiana per lo Studio delle asimmetrie … - 2015
We estimate various panel fiscal reaction functions, including those of main categories of general government revenue and expenditure for 12 Euro area member states over the 1970-2013 period. We find that in the peripheral countries where sovereign bond yields decreased sharply in the years...