multiplier and output losses associated with fiscal consolidations to uncertainty over model parameters. I find that, in normal … times, the fiscal multiplier can be expected to lie between 0.1 and 0.5, with a central estimate of 0.3. Uncertainty over … the output effects of fiscal tightening can be attributed to several model parameters and it is found that a bad outcome …

using a multivariate Fiscal Taylor Rule. Adjustments to taxes and purchases both account for a large portion of the fiscal … response to debt, while authorities seem reluctant to adjust transfers. As expected, taxes are highly procyclical; purchases …This paper documents the systematic response of postwar U.S. fiscal policy to fiscal imbalances and the business cycle …

extensive discussion on the effects of government deficits on the interest rate and, consequently, on employment and economic …, contrary to the conventional economic theory, no causal effect from the deficits to the interest rate can in general be found …

contributed to a boom-bust cycle that undermined fiscal positions and deepened current account deficits during the boom. We set up … response to supply shocks. Procyclical fiscal policy distorts intertemporal allocation decisions. Temporary spending boosts in …The Financial Crisis has hit particularly hard countries like Ireland or Spain. Procyclical fiscal policy has …

contributed to a boom-bust cycle that undermined fiscal positions and deepened current account deficits during the boom. We set up … response to supply shocks. Procyclical fiscal policy distorts intertemporal allocation decisions. Temporary spending boosts in …The Financial Crisis has hit particularly hard countries like Ireland or Spain. Procyclical fiscal policy has …

argue this is the consequence of pursuing procyclical fiscal policies. We add a fiscal rule, which varies public spending …The PIGS countries have suffered economic instability and fiscal havoc in the aftermath of the Financial Crisis. We … with the cycle, to an otherwise standard RBC model of a small open economy. This procyclical reaction of fiscal policy to …

contributed to a boom-bust cycle that undermined fiscal positions and deepened current account deficits during the boom. We set up … response to supply shocks. Procyclical fiscal policy distorts intertemporal allocation decisions. Temporary spending boosts in …The Financial Crisis has hit particularly hard countries like Ireland or Spain. Procyclical fiscal policy has …