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Inflation and fiscal policy : is there a threshold effect in the fiscal reaction function?
Briodeau, Clémence; Checherita-Westphal, Cristina - 2023
This paper estimates a fiscal reaction function (FRF) framework for euro area countries to test for the impact of changes in inflation on fiscal policy. We find evidence of non-linear short-term effects of HICP inflation on the primary balance after controlling for other relevant factors. Over...
Persistent link: https://www.econbiz.de/10014483665
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Interest Rate Reaction Functions for the Euro Area Evidence from Panel Data Analysis
Ruth, Karsten - 2016
Persistent link: https://www.econbiz.de/10012991354
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Estimating simple fiscal policy reaction functions for the euro area countries
Plödt, Martin; Boeing-Reicher, Claire - 2014
We formulate and estimate a simple fiscal policy reaction function for the euro area and individual euro area countries. Our reaction function allows for primary surpluses to feature three components: an anti-cyclical response of primary surpluses to the output gap, a response to the debt-GDP...
Persistent link: https://www.econbiz.de/10010235448
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Size effects of fiscal policy and business confidence in the Euro area
Michail, Nektarios A.; Savva, Christos S.; Koursaros, … - In: International Journal of Financial Studies : open … 5 (2017) 4, pp. 1-15
In the aftermath of the European sovereign debt crisis (2009–2014), the management of expectations has risen in importance. However, policy responses have emphasized the management of fiscal spending without examining the impact changes in the business confidence have on the economy. This...
Persistent link: https://www.econbiz.de/10011760247
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Twin deficits through the looking glass : time-varying analysis in the euro area
Afonso, António; Coelho, José Carlos - 2022
Using two measures of the fiscal position, the cyclically adjusted primary budget balance (CAPB) and the total budget balance, we assess the Twin Deficit Hypothesis for the Euro Area in the period 1995-2020. Furthermore, we estimate time-varying coefficients of the current account balance...
Persistent link: https://www.econbiz.de/10012813893
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The effect of asymmetries in fiscal policy conducts on business cycle correlation in the EU
Rozmahel, Petr; Grochová, Ladislava Issever; Litzman, Marek - 2014
correlation in the period 1996-2012 using a panel of 27 EU countries. The paper pays special attention to Central and Eastern …The paper examines the effects of asymmetries in fiscal policy conduct upon the correlation of business cycles in the … dissimilarity upon business cycle correlation in the EU. The paper also provides some evidence for the significance of intra …
Persistent link: https://www.econbiz.de/10010429842
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Fiscal sustainability and the role of inflation
Afonso, António; Alves, José; Matvejevs, Oļegs; … - 2023
We examine the relationship between inflation and fiscal sustainability with a two-step approach. In the first step, we estimate to estimate a country-specific time-varying measure of fiscal sustainability using the fiscal reaction function. This function captures the response of the primary...
Persistent link: https://www.econbiz.de/10014444867
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The role of fiscal policies for external imbalances : evidence from the European Union
Afonso, António; Coelho, José Carlos - 2021
deficit of 0.318 pp of GDP, which supports the Twin Deficits Hypothesis. On the other hand, dynamic panel estimates partially … two deficits is asymmetric and the negative impact of the recent Eurozone banking and sovereign debt crisis on the current … positive impact of the budget balance on the current account balance is higher in the cases of non-Eurozone countries, high …
Persistent link: https://www.econbiz.de/10012504606
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Fiscal sustainability, fiscal reactions, pitfalls and determinants
Afonso, António; Coelho, José Carlos - 2022
conclude for the existence of panel cointegration between government revenues and expenditures; primary government balance and …We examine the sustainability of public finances and its determinants for 19 Eurozone countries from 1995 to 2020. We …
Persistent link: https://www.econbiz.de/10013162289
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Fiscal activism in the euro area and in other advanced economies : new evidence
Attinasi, Maria Grazia; Palazzo, Alessandra Anna; … - 2019
advanced economies during the past 20 years. This is done by estimating fiscal reaction functions using dynamic panel …
Persistent link: https://www.econbiz.de/10012135940