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Parameter Heterogeneity, Persistence and Cross-Sectional Dependence : New Insights on Fiscal Policy Reaction Functions for the Euro Area

Golinelli, Roberto - 2018

. We find evidence of strong cross- sectional dependence in the panel, and clear support to a valid cointegration … policy and public debt. The aim of this paper is to address the challenges posed by the estimation of the discretionary … fiscal reaction function for the Euro area. We exploit recently introduced testing and estimation strategies for …

Persistent link: https://www.econbiz.de/10012922651

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

Interest Rate Reaction Functions for the Euro Area Evidence from Panel Data Analysis

Ruth, Karsten - 2016

Persistent link: https://www.econbiz.de/10012991354

Revenue elasticities in euro area countries : an analysis of long-run and short-run dynamics

Koester, Gerrit; Priesmeier, Christoph - 2017

Revenue elasticities play a key role in forecasting, monitoring and analysing public finances under the European fiscal framework, which largely builds on cyclically adjusted indicators. This paper investigates whether there is evidence for dynamic - instead of the currently used static -...

Persistent link: https://www.econbiz.de/10011635246

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

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

Exchange rate modeling under unconventional monetary policy on a European panel sample

Kiss, Gábor Dávid; Mészáros, Mercédesz - In: European financial and accounting journal : EFAJ 14 (2019) 3, pp. 5-24

unconventional instruments has an impact on the changes in foreign exchange rates. By running dynamic panel regressions, we analysed …

Persistent link: https://www.econbiz.de/10012202003

Monetary Developments and Expansionary Fiscal Consolidations : Evidence from the EMU

Afonso, António - 2014

Union, using annual panel data for 14 European Union countries over the period 1970-2012. Different measures for assessing … different budgetary components. Panel Fixed Effects estimations for private consumption show that, in some cases, when fiscal … not matched by monetary easing. Panel probit estimations suggest that longer and expenditure-based consolidations …

Persistent link: https://www.econbiz.de/10013050643

Monetary policy surprise shocks under different fiscal regimes : a panel analysis of the Euro Area

Afonso, António; Alves, José; Ionta, Serena - 2023

fiscal stances in the period 2001Q4-2021Q4 for a panel of the 19 countries of the Euro Area. Applying local projection …

Persistent link: https://www.econbiz.de/10014336399

Exchange rate regimes and fiscal discipline in OECD countries

Heinemann, Friedrich - 1999

Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to … consideration, the impact of the exchange rate regime and a number of other variables on primary deficits is analysed in a panel … estimation for 20 OECD countries from 1970 onwards. The conclusion is that the exchange rate regime as such is not relevant for …

Persistent link: https://www.econbiz.de/10000683878