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Fiscal convergence before entering the EMU
Onorante, Luca - 2006
The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question...
Persistent link: https://www.econbiz.de/10011604710
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The macroeconomic effects of exogenous fiscal policy shocks in Germany: a disaggregated SVAR analysis
Wolff, Guntram B.; Tenhofen, Jörn; Heppke-Falk, Kirsten H. - 2006
consumption response. Anticipated expenditure shocks have significant effects on output when the shock is realized, but not in the …
Persistent link: https://www.econbiz.de/10010295830
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How effective are automatic stabilisers? Theory and empirical results for Germany and other OECD countries
Tödter, Karl-Heinz; Scharnagl, Michael - 2004
that in the first year 15 to 20 per cent of an exogenous demand shock are absorbed by the automatic stabilisers. Similar … results are obtained for France, Italy, the Netherlands, UK, Canada and the US. …
Persistent link: https://www.econbiz.de/10010295648
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Fiscal policy in real time
Cimadomo, Jacopo - 2008
This paper argues that any assessment on the intentional stance of fiscal policy should be based upon all the information available to policymakers at the time of fiscal planning. In particular, real-time data on the discretionary fiscal policy "instrument", the structural primary balance,...
Persistent link: https://www.econbiz.de/10011604965
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The effects of legislated tax changes in Germany
Hayo, Bernd; Uhl, Matthias - 2011
autoregression (VAR) approach. Identification of the tax shock follows the narrative approach recently proposed by Romer and Romer …
Persistent link: https://www.econbiz.de/10010286390
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The unintended consequences of the debt: Will increased government expenditure hurt the economy?
Werner, Richard A. - 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/10010308564
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The economic effects of exogenous fiscal shocks in Spain: a SVAR approach
de Castro Fernández, Francisco; Hernández de Cos, Pablo - 2006
This paper estimates the effects of exogenous fiscal policy shocks in Spain in a VAR framework. Government expenditure expansionary shocks are found to have positive effects on output in the short-term at the cost of higher inflation and public deficits and lower output in the medium and long...
Persistent link: https://www.econbiz.de/10011604693
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Fiscal policy reaction to the cycle in the OECD: Pro- or counter-cyclical?
Égert, Balázs - 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/10010281787
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Do government purchases affect unemployment?
Holden, Steinar; Sparrman, Victoria - 2011
We investigate empirically the effect of government purchases on unemployment in 20 OECD countries, for the period 1960-2007. Compared to earlier studies we use a data set with more variation in unemployment, and which allows for controlling for a host of factors that influence the effect of...
Persistent link: https://www.econbiz.de/10010275009
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Does anticipation of government spending matter? Evidence from an expectation augmented VAR
Tenhofen, Jörn; Wolff, Guntram B. - 2007
consumption response. We investigate in a SVAR whether anticipation of the fiscal shock reverses the sign of this dynamic response … the US that consumption falls in reaction to an expenditure shock once the model allows for one-period-ahead anticipation … of this shock. Modelling anticipation of fiscal shocks is thus crucial to correctly capture their macroeconomic effects …
Persistent link: https://www.econbiz.de/10010295850