This paper proposes an alternative framework for examining the international macroeconomic impact of domestic monetary and fiscal policies and focuses on the distinction between national spending and national production and the reactive behavior of foreign investors to changing external account...

Este artículo examina el impacto macroeconómico de la implementación de reformas en el ámbito de los salarios y el empleo público, en particular en momentos de consolidación fiscal. La reforma de la masa salarial de las Administraciones Públicas (AAPP) ha formado parte de las estrategias...

The analysis of the macroeconomic impact of fiscal policies in the euro area has been traditionally limited by the absence of quarterly fiscal data. To overcome this problem, we provide two new databases in this paper. Firstly, we construct a quarterly database of euro area fiscal variables for...

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...

We provide key stylised facts on fi scal policy developments in Spain over the past three decades using quarterly data (1986Q1-2012Q2). First, we compute stylised facts on the cyclical properties of fi scal policies over that period. Next, we report updated evidence on the macroeconomic effects...

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...

Este trabajo analiza el impacto del empleo y de los salarios públicos sobre el mercado de trabajo. En particular, analizamos si los mecanismos de transmisión desde el sector público al sector privado funcionan de manera diferente según la economía se encuentre en recesión (elevada tasa de...

Este artículo describe una "paradox of global thrift". Se considera un mundo en el que las tasas de interés son bajas y la política monetaria está limitada por el límite inferior cero. Se imagina que los Gobiernos implementan políticas financieras y fiscales prudenciales para estabilizar...

It’s fast approaching the end of the year and the festive season, and I have a few things on my mind. First, how I’ll fit in all of my holiday plans and projects within my period of leave, which always seems to pass oh so quickly! But more important are the two issues of global financial...

Before the Global Financial Crisis many providers of finance had growth mandates and actively pursued development finance deals as a way of gaining higher returns on funds with regular capital turnover and re-investment possible. This was able to be achieved through high gearing and low presales...