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The long term negative relation between public deficit and structural unemployment: An empirical study of OECD countries (1980-2009)
Fedeli, Silvia; Forte, Francesco; Ricchi, Ottavio - Dipartimento di Economia e Diritto, Facoltà di Economia - 2013
(1980-2009), the relationship between Non-Accelerating Inflation Rate of Unemployment, NAIRU, as dependent variable, the … percentage of GDP, controlling the results with additional variables which may be credited to impact on NAIRU also in the short … term. We find that UNLG/pot.GDP and the increase in fiscal burden may be both relevant in increasing the NAIRU in the long …
Persistent link: https://www.econbiz.de/10010856897
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The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy
Jorda, Oscar; Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2013
After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...
Persistent link: https://www.econbiz.de/10010969462
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The European Fiscal Compact: A Counterfactual Assessment
Creel, Jérôme; Hubert, Paul; Saraceno, Francesco - In: Journal of Economic Integration 27 (2012), pp. 537-563
Faced with the global financial crisis and an increasingly worrisome sovereign-debt crisis, the Eurozone countries are rethinking their fiscal governance. This paper discusses the different reforms and subsequent fiscal rules which have emerged since 2011. It assesses the impact of fiscal rules...
Persistent link: https://www.econbiz.de/10010991759
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Which size and evolution of the government expenditure multiplier in France (1980-2010)?
CLÉAUD, G.; LEMOINE, M.; PIONNIER, P.-A. - Département des Études Économiques d'Ensemble (D3E), … - 2013
The importance of the stimulus packages that were injected in most advanced economies from the start of the financial crisis and the speed at which budgets are now being consolidated in Europe has revived the long-lasting debate on the size of fiscal multipliers. In this study, we focus on...
Persistent link: https://www.econbiz.de/10010857705
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Working Paper 04-14 - Analyse macro-sectorielle des effets d’une hausse de la TVA
Masure, Luc - Federal Planning Bureau, Government of Belgium - 2014
This study was commissioned by the Central Economic Council (CEC), and more particularly by the Special Advisory Commission ‘Construction'. It presents the sectoral results of a report that was produced in 2011 by the National Bank of Belgium and the Federal Planning Bureau. The federal...
Persistent link: https://www.econbiz.de/10011004796
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How Sustainable Are Public Debt Levels in Emerging Europe?
Eller, Markus; Urvová, Jarmila - In: Focus on European Economic Integration (2012) 4, pp. 48-79
To assess to which extent public debt positions in four CESEE economies (the Czech Republic, Hungary, Poland and Slovakia) are sustainable in the medium term, we apply a stochastic debt sustainability analysis (SDSA), building on Celasun, Debrun and Ostry (2007). In contrast to conventional debt...
Persistent link: https://www.econbiz.de/10011015325
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Fiscal targets. A guide to forecasters?
Paredes, Joan; Pérez, Javier J.; Perez-Quirós, Gabriel - Banco de España - 2015
Should rational agents take into consideration government policy announcements? A skilled agent (an econometrician) could set up a model to combine the following two pieces of information in order to anticipate the future course of fiscal policy in real-time: (i) the ex-ante path of policy as...
Persistent link: https://www.econbiz.de/10011210761
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Revisiting the narrative approach of estimating tax multipliers
Hebous, Shafik; Zimmermann, Tom - Research Center SAFE (Sustainable Architecture for … - 2015
A number of recent studies regress a "narratively" identified measure of a macroeconomic shock directly on an outcome variable. In this note, we argue that this approach can be viewed as the reduced-form regression of an instrumental variable approach in which the narrative time series is used...
Persistent link: https://www.econbiz.de/10011213740
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Fiscal targets. A guide to forecasters?
Paredes-Lodeiro, Joan; Pérez, Javier J; … - C.E.P.R. Discussion Papers - 2015
Should rational agents take into consideration government policy announcements? A skilled agent (an econometrician) could set up a model to combine the following two pieces of information in order to anticipate the future course of fiscal policy in real-time: (i) the ex-ante path of policy as...
Persistent link: https://www.econbiz.de/10011272708
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Fiscal Policy and Macroeconomic Imbalances
Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014
The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...
Persistent link: https://www.econbiz.de/10011277938