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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 … various measures of inflation such as headline inflation, core inflation, energy inflation, and food inflation affect the … estimate of fiscal sustainability found previously. Our findings indicate that higher inflation rates contribute positively to …
Persistent link: https://www.econbiz.de/10014444867
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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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Fiscal reaction function and fiscal fatigue : evidence for the euro area
Checherita-Westphal, Cristina; Žďárek, Václav - 2017
This paper estimates a fiscal reaction function (FRF) framework for euro area countries and derives a novel approach to measure fiscal fatigue. As in previous studies, we find evidence that euro area sovereigns abide, on average, by (weak) sustainability constraints. The primary balance improves...
Persistent link: https://www.econbiz.de/10011637036
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Parameter heterogeneity, persistence and cross-sectional dependence : new insights on fiscal policy reaction functions for the Euro area
Golinelli, Roberto; Mammi, Irene; Musolesi, Antonio - 2018 - This version: March 31st, 2018
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/10011813607
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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
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
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The European debt crisis and fiscal reactions in Europe 2000-2014
Baldi, Guido; Stæhr, Karsten - 2016
After the outbreak of the global financial crisis, some governments in the EU experienced serious fiscal problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance in the EU countries before and after the outbreak of the crisis. Fiscal reaction...
Persistent link: https://www.econbiz.de/10011666901
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Trust in government and fiscal adjustments
Bursian, Dirk; Weichenrieder, Alfons J.; Zimmer, Jochen - 2013
The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of...
Persistent link: https://www.econbiz.de/10009764994
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Euro membership and fiscal reaction functions
Weichenrieder, Alfons J.; Zimmer, Jochen - 2013
The paper uses fiscal reaction functions for a panel of euro-area countries to investigate whether euro membership has reduced the responsiveness of countries to shocks in the level of inherited debt compared to the period prior to succession to the euro. While we find some evidence for such a...
Persistent link: https://www.econbiz.de/10009748386
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Trust in government and fiscal adjustments
Bursian, Dirk; Weichenrieder, Alfons J.; Zimmer, Jochen - 2013
The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation of relatively high growth, but based on a simple stylized model of...
Persistent link: https://www.econbiz.de/10010225802
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Euro membership and fiscal reaction functions
Weichenrieder, Alfons J.; Zimmer, Jochen - 2013
The paper uses fiscal reaction functions for a panel of euro-area countries to investigate whether euro membership has reduced the responsiveness of countries to shocks in the level of inherited debt compared to the period prior to succession to the euro. While we find some evidence for such a...
Persistent link: https://www.econbiz.de/10010225862