Míg a kilencvenes évtized egyik központi gazdaságpolitikai problémája az államháztartás rendszerének megreformálása volt, az elmúlt években mind az e téren hozott kormányzati lépések, mind a szakmai koncepcionális és metodikai viták tekintetében határozott lanyhulás...

Németország stratégiai szerepet játszott az Gazdasági és Monetáris Unió (EMU) szabályainak kialakításában. Az egyik legnehezebben megszülető szabályozás a monetáris unió létrejötte után nemzeti keretek között maradó fiskális politika korlátainak kialakítása volt. A...

How much additional tax revenue can the government generate by increasing labor income taxes? In this paper we provide a quantitative answer to this question, and study the importance of the progressivity of the tax schedule for the ability of the government to generate tax revenues. We develop...

Euro Area member states have agreed to introduce a structural budget balance target to their national legislation (Treaty on Stability, Coordination and Governance). However, there exists no commonly agreed methodology to calculate this macroeconomic indicator. This report presents the...

This paper provides a characterization of the fiscal policy framework in four established federal countries with heterogeneous intergovernmental relations and demographic characteristics: Canada, Germany, Switzerland and the United States. We consider the implications of fiscal federalism from...

This paper assesses the sustainability of fiscal policy in India from 1950 to 2010 using multicointegration techniques. Starting from the seminal approach of Granger and Lee (1989), the analysis is extended through more powerful econometric methodologies, including several types of...

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,...

The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the composition of the fiscal consolidation, its duration, the monetary policy stance, the level of government debt, and...

This paper examines the relationship between fiscal variables and economic activity in Ecuador. We use a macro-level dataset covering twelve years of full dollarization to explore the link between government spending, oil revenues, non-oil tax revenues and the economic activity index. The...

Latin America has a long history of pro-cyclical fiscal policies, reflecting the region’s exposure to a range of exogenous shocks, tight financial constraints and relatively weak fiscal institutions. This paper discusses the role that structural balance-based fiscal rules (SFRs) could play in...