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How good are the government’s deficit and debt projections and should we care?
Kliesen, Kevin L.; Thornton, Daniel L. - In: Review (2012) Jan, pp. 21-39
Each year, the Congressional Budget Office (CBO) publishes its Budget and Economic Outlook. The CBO’s deficit projections for the current fiscal year (FY) and the next 10 FYs are widely followed because they provide an assessment of the medium-term budget outlook based on current law and a...
Persistent link: https://www.econbiz.de/10009416054
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Fiscal Indulgence in Central Europe; Loss of the External Anchor
Kopits, George; Berger, Helge; Székely, István P. - International Monetary Fund (IMF) - 2004
In recent years, fiscal performance in Central Europe has steadily deteriorated, in contrast to the improvement in the Baltics. This paper explores the determinants of such differences among countries slated for EU accession. Regression estimates suggest that economic and institutional...
Persistent link: https://www.econbiz.de/10005769135
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Fiscal indulgence in Central Europe: loss of the external anchor?
Berger, Helge; Kopits, George; Székely, István P. - Fachbereich Wirtschaftswissenschaft, Freie Universität … - 2006
In recent years, fiscal performance in Central Europe has steadily deteriorated, in contrast to the improvement in the Baltics. This paper explores the determinants of such differences among countries on the path to EU accession. Regression estimates suggest that economic and institutional...
Persistent link: https://www.econbiz.de/10008533646
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What determines fiscal policy? Evidence from German states
Berger, Helge; Holler, Anika - Fachbereich Wirtschaftswissenschaft, Freie Universität … - 2007
This paper explores the factors behind the time path of real spending and revenue in the West German states from 1975 to 2004. The empirical approach stresses robustness and takes into account a large set of economic and political variables. Our results suggest that common economic factors and,...
Persistent link: https://www.econbiz.de/10008533648
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Stability Criteria and Convergence: The Role of the System of National Accounts for Fiscal Policy in Europe
Brück, Tilman; Cors, Andreas; Zimmermann, Klaus F.; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2002
The standardisation of the European systems of national accounts has progressed significantly in recent years. Some room for interpretation remains in regard to some accounting standards, the periodicity of the data, and the quality of the forecasts of budget deficits. Yet national accounts data...
Persistent link: https://www.econbiz.de/10005069043
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What Determines Fiscal Policy? Evidence from German States
Berger, Helge; Holler, Anika - CESifo - 2007
This paper explores the factors behind the time path of real spending and revenue in the West German states from 1975 to 2004. The empirical approach stresses robustness and takes into account a large set of economic and political variables. Our results suggest that common economic factors and,...
Persistent link: https://www.econbiz.de/10005416450
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The expected federal budget surplus: how much confidence should the public and policymakers place in the projections?
Kliesen, Kevin L.; Thornton, Daniel L. - In: Review (2001) Mar, pp. 11-24
When the government runs a deficit, it can borrow from the public—that is, it can create debt. Conversely, when the government runs a surplus, it can retire that debt. For the past three years, the federal government has recorded budget surpluses, and both the White House Office of Management...
Persistent link: https://www.econbiz.de/10005726131
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The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations?
Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2000
It is widely believed that the Fed controls the funds rate by altering the degree of pressure in the reserve market through open market operations when it changes its target for the federal funds rate. Recently, however, several economists have suggested that open market operations may not be...
Persistent link: https://www.econbiz.de/10005360541
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Identifying the liquidity effect: the case of nonborrowed reserves
Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 1996
Despite the fact that efforts to identify it empirically have largely been futile, the liquidity effect plays a central … statistically significant and economically important liquidity effect when nonborrowed reserves is used as the indicator of monetary … a liquidity effect. The paper points out how changes in the demand for borrowed reserves can be used to identify whether …
Persistent link: https://www.econbiz.de/10005360647
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The identification of the response of interest rates to monetary policy actions using market-based measures of monetary policy shocks
Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2009
It is common practice to estimate the response of asset prices to monetary policy actions using market-based measures of monetary policy shocks, such as the federal funds futures rate. I show that because interest rates and market-based measures of monetary policy shocks respond simultaneously...
Persistent link: https://www.econbiz.de/10005077869