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Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-cyclical?
Égert, Balázs - EconomiX, Université Paris Ouest-Nanterre la Défense … - 2012
This paper analyses the reaction of fiscal policy to the cycle in OECD countries. The results suggest that while overall government balances were counter-cyclical in the past and more so in economic downturns than in upswings, discretionary fiscal policy was neutral on average. However,...
Persistent link: https://www.econbiz.de/10010992388
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Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-Cyclical?
Egert, Balazs - CESifo - 2012
This paper analyses the reaction of fiscal policy to the cycle in OECD countries. The results suggest that while overall government balances were counter-cyclical in the past and more so in economic downturns than in upswings, discretionary fiscal policy was neutral on average. However,...
Persistent link: https://www.econbiz.de/10010540250
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Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-cyclical?
Égert, Balázs - Economics Department, Organisation de Coopération et … - 2010
This paper analyses the reaction of fiscal policy to the cycle in OECD countries. The results suggest that while overall government balances were counter-cyclical in the past and more so in economic downturns than in upswings, discretionary fiscal policy was neutral on average. However,...
Persistent link: https://www.econbiz.de/10008542496
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The unintended consequences of the debt: Will increased government expenditure hurt the economy?
Werner, Richard A. - Center for Financial Studies - 2011
In 2008, governments in many countries embarked on large fiscal expenditure programmes, with the intention to support the economy and prevent a more serious recession. In this study, the overall impact of a substantial increase in fiscal expenditure is considered by providing a novel analysis of...
Persistent link: https://www.econbiz.de/10010958773
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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
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Some Stylized Facts on Non-Systematic Fiscal Policy in the Euro Area
Marcellino, Massimiliano - C.E.P.R. Discussion Papers - 2002
We derive a set of stylized facts on the effects of non-systematic fiscal policy in the four largest countries of the Euro area, and discuss their implications for the fiscal policy coordination debate, for the effectiveness of fiscal shocks in stabilizing the economies, and for the interaction...
Persistent link: https://www.econbiz.de/10005498152
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The medieval origins of the 'Financial Revolution': usury, rentes, and negotiablity
Munro, John H. - Volkswirtschaftliche Fakultät, … - 2002
The basic thesis of this article is that the essential origins of the modern ‘financial revolution’ were the late-medieval responses, civic and mercantile, to financial impediments from both Church and State, concerning the usury doctrine, that reached their harmful fruition in the later...
Persistent link: https://www.econbiz.de/10005031390
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The Reaction of Fiscal Policy to the Crisis in Italy and Germany: Are they really polar Cases in the European Context?
Hamburg, Britta; Momigliano, Sandro; Manzke, Bernhard; … - In: Revista de Economía y Estadística XLVIII (2010) 2, pp. 103-133
-coordinated policy responses, both monetary and fiscal. In this paper we examine public finance developments in Germany and Italy in 2009 … automatic stabilisers to have had an impact on the deficit of similar magnitude in Germany and Italy. We then assess, on the … than 2 percentage points in Germany and by 1 per cent in Italy. The difference in the stabilizing effect of the two public …
Persistent link: https://www.econbiz.de/10010633805
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Exchange Rate Regime, Fiscal Foresight and the Effectiveness of Fiscal Policy in a Small Open Economy
Virkola, Tuomo - Elinkeinoelämän Tutkimuslaitos (ETLA) - 2014
This paper studies the effects of discretionary fiscal policy shocks under different exchange rate regimes within a structural vector autoregressive (SVAR) model. We first suggest that by estimating the effects of fiscal policy shocks in two structurally similar small open economies that have...
Persistent link: https://www.econbiz.de/10010987106
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Uncertain Fiscal Consolidations
Bi, Huixin; Leeper, Eric M.; Leith, Campbell - Bank of Canada - 2013
The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the composition of the fiscal consolidation, its duration, the monetary policy stance, the level of government debt, and...
Persistent link: https://www.econbiz.de/10010849954