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What are the effects of fiscal policy shocks?
Mountford, Andrew (contributor); Uhlig, Harald (contributor) - 2005
We propose and apply a new approach for analyzing the effects of fiscal policy using vector autoregressions. Unlike most of the previous literature this approach does not require that the contemporaneous reaction of some variables to fiscal policy shocks be set to zero or need additional...
Persistent link: https://www.econbiz.de/10003147823
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What are the Effects of Fiscal Policy Shocks?
Uhlig, Harald; Mountford, Andrew - 2008
We investigate the effects of fiscal policy surprises for US data, using vector autoregressions. We overcome the difficulties that changes in fiscal policy may manifest themselves in variables other than fiscal variables first and that fiscal variables may respond "automatically" to business...
Persistent link: https://www.econbiz.de/10014118576
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The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area
Afonso, António; Alves, José; Ionta, Serena - 2023
We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn's (1998) approach through Schlicht's (2003)...
Persistent link: https://www.econbiz.de/10014313459
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Monetary policy surprise shocks under different fiscal regimes : a panel analysis of the Euro Area
Afonso, António; Alves, José; Ionta, Serena - 2023
response the debt is more important in the effect of monetary policy, for prices, the "Ricardian" nature of fiscal policy … appears to be far more crucial. However, regarding inflation targeting, monetary policy is most effective in the low debt …
Persistent link: https://www.econbiz.de/10014336399
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The empirical modelling of house prices and debt revisited : a policy-oriented perspective
Boug, Pål; Hungnes, Håvard; Kurita, Takamitsu - 2021
debt with a policy-oriented perspective using Norwegian data over the last four decades within the cointegrated VAR model …. Applying a control analysis, we find that both house prices and debt are controllable magnitudes to some pre-specified target …
Persistent link: https://www.econbiz.de/10012800701
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The sustainability of fiscal policy in Italy : a long-term perspective
Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta - 2012
The recent fears of a sovereign debt crisis have spurred interest in the sustainability of public debt. There are two … the time series approach (Trehan and Walsh, 1988). In this paper we analyze the sustainability of public debt in Italy … containing several statistical novelties: new time series estimates of public debt and GDP (respectively Banca d'Italia, 2008 and …
Persistent link: https://www.econbiz.de/10009535101
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Using real-time data to test for political budget cycles
Jong-A-Pin, Richard; Sturm, Jan-Egbert; Haan, Jakob de - 2012 - This version: September 2012
We use real-time annual data on the fiscal balance, government current spending, current revenues and net capital outlays as published at a half yearly frequency in the OECD Economic Outlook for 25 OECD countries. For each fiscal year t we have a number of forecasts, a first release, and...
Persistent link: https://www.econbiz.de/10009621694
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Sovereign default risk premia and state-dependent twin deficits : conference paper
Hürtgen, Patrick; Rühmkorf, Ronald - 2013 - This version: August 7, 2013
government operates close to its scal limit, i.e. the maximum capacity of a country to repay its debt. The presence of the … possible sovereign default leads to dynamics of sovereign debt which cause taxes to rise and increase the dispersion of … resulting tax levels. In line with data for industrialized countries household saving increases at high debt-to-GDP levels and …
Persistent link: https://www.econbiz.de/10010341080
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Searching for Keynes : an essay on the political economy of fiscal policy, with application to Canada, 1870-2000 - revised version
Winer, Stanley L.; Ferris, John Stephen - 2003
Keynes' General Theory (1936) is arguably one of the most important books of the twentieth century. His ideas for stabilizing the aggregate economy have profoundly influenced economic theory as well as popular opinion about what governments can and should do with respect to the business cycle....
Persistent link: https://www.econbiz.de/10011509394
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Fiscal multipliers in a panel of countries
Contreras, Juan; Battelle, Holly - 2014
developing than in high-income countries, and zero in high-debt countries and in flexible exchange rates countries. …
Persistent link: https://www.econbiz.de/10010402581