Showing 1 - 10 of 15
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
In this paper we develop a comprehensive short-term fiscal forecasting system of use for the real-time monitoring of the Spanish government’s borrowing requirement. Spain has been at the centre of the recent European sovereign debt crisis, not least because of sizeable failures in meeting...
Persistent link: https://www.econbiz.de/10010800843
We analyze the evolution of General Government employment in Spain over the economic crisis and the recent fiscal consolidation process. We characterize the changes in the structure and composition of General government workforce between economics sectors, level of administration, and type of...
Persistent link: https://www.econbiz.de/10010886088
The fact that the literature tends to find optimistic biases in national fiscal projections has led to a growing recognition in the academic and policy arenas of the need for independent forecasts in the fiscal domain, prepared by independent agencies, such as the European Commission in the case...
Persistent link: https://www.econbiz.de/10010862262
We analyse the determinants of the structure of public debt in the case of Spain, from a sub-national perspective. The endogenous shift in the composition of debt (among shortvs long-term instruments, and loans vs securities) depends on observable measures of credit and liquidity risks. To...
Persistent link: https://www.econbiz.de/10010862278
We provide key stylised facts on fiscal policy developments in Spain over the past three decades using quarterly data (1986Q1-2012Q2). First, we compute stylised facts on the cyclical properties of fiscal policies over that period. Next, we report updated evidence on the macroeconomic effects of...
Persistent link: https://www.econbiz.de/10010862281
The economic crisis was initially associated with an increase in regional and local government payment periods and trade debt. Since 2012, central government has approved various extraordinary mechanisms for the payment of local and regional government suppliers that have significantly reduced...
Persistent link: https://www.econbiz.de/10011171645
We analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US, we use a standard structural VAR framework, and...
Persistent link: https://www.econbiz.de/10008513053
Do public sector wages exert presures on private sector wages, or has private sector a leadership role in wage setting?. This paper tries to isolate the pure signalling effect that one sector might exert on the other by controlling for other determinants of wages (prices, productivity,...
Persistent link: https://www.econbiz.de/10008486936
We construct multivariate, state-space mixed-frequencies models for the main componentsof the Spanish General Government sector made up of blocks for each one of its subsectors: Central Government, Social Security and aggregate of Regional and Local government sectors. Each block is modelled...
Persistent link: https://www.econbiz.de/10008486937