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Market power and fiscal policy in OECD countries

Afonso, António; Costa, Luís F. - 2010

We compute average mark-ups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions the results, with annual data for a set of 14 OECD countries covering the period 1970-2007, show...

Persistent link: https://www.econbiz.de/10009640368

Appraising fiscal reaction functions

Afonso, António; Jalles, João - In: Economics Bulletin 31 (2011) 4, pp. 3320-3330

, implying a Ricardian fiscal regime, while primary balances have improved to reduce government debt. These results hold for the …

Persistent link: https://www.econbiz.de/10009368586

Anatomy of a fiscal débacle: the case of Portugal

Afonso, António - ISEG - School of Economics and Management, Department … - 2013

After entering the EU in 1986, Portugal benefited from low interest rates and some growth momentum. However, the difficulty in taming fiscal imbalances, the pro-cyclicality of fiscal policy, the use of extraordinary fiscal measures, coupled with the 2008-2009 economic and financial crisis led to...

Persistent link: https://www.econbiz.de/10010603548

Market power and fiscal policy in OECD countries

Afonso, António; Costa, Luís F. - 2010

Persistent link: https://www.econbiz.de/10011605219

Public finances in Portugal: a brief longrun view

Afonso, António - ISEG - School of Economics and Management, Department … - 2007

This paper provides a succinct overview of long-run developments regarding public finances in Portugal with an emphasis on the spending side. Issues addressed are the excessive deficit experiences of Portugal, the past experience with fiscal consolidations, and labour cost competitiveness. It is...

Persistent link: https://www.econbiz.de/10005761286

Spend spend-and and-tax: a panel data investigation for the EU

Afonso, António; Rault, Christophe - In: Economics Bulletin 29 (2009) 4, pp. 32-32

Using bootstrap panel analysis, allowing for cross cross-country correlation, without the need of pre pre-testing for unit roots, we study the causality between government spending and revenue for the EU in the period 1960 1960-2006. We find spend spend-and and-tax causality for Italy, France,...

Persistent link: https://www.econbiz.de/10008562955

Market Power and Fiscal Policy in OECD Countries

Afonso, António; Costa, Luís - ISEG - School of Economics and Management, Department … - 2010

Persistent link: https://www.econbiz.de/10008483888

Public Debt and Economic Growth: a Granger Causality Panel Data Approach

Afonso, António; Hauptmeier, Sebastian - ISEG - School of Economics and Management, Department … - 2009

debt, here represented by the ratio of the current primary surplus/GDP and the ratio of the gross Government debt … since not only does public debt restrain economic growth, but also real GDP per capita growth influences the evolution of … public debt. Key words: panel data; public debt and economic growth …

Persistent link: https://www.econbiz.de/10005041003

Euler testing Ricardo and Barro in the EU

Afonso, António - In: Economics Bulletin 5 (2008) 16, pp. 1-14

According to Keynesian economics wisdom, government debt has an effect on the economy since consumers see government … debt as net wealth. However, according to the debt neutrality hypothesis of Ricardo (1817), popularised by Barro (1974 …, indicate that it would be wise to reject the debt neutrality hypothesis for the EU and that higher government indebtedness …

Persistent link: https://www.econbiz.de/10005094707

Long-run Determinants of Sovereign Yields

Rault, Christophe; Afonso, António - In: Economics Bulletin 31 (2011) 1, pp. 367-374

We study sovereign bond yields in OECD countries with a dynamic panel by checking for cross-section dependence; assessing panel cointegration; and estimating panel error-correction models. The results show that markets consider budgetary and external imbalances and inflation as relevant...

Persistent link: https://www.econbiz.de/10008802470