This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...

The paper attempts to do a comprehensive analysis on how spending patterns were affected by the most severe economic crisis since the oil shocks in the 70's. We have attempted to see which services have been significantly affected by the crisis, and whether social spending has risen and managed...

The recent sovereign debt crisis in the Eurozone was characterized by a monetary policy, which has been constrained by the zero lower bound (ZLB) on nominal interest rates, and several countries, which faced high risk spreads on their sovereign bonds. How is the government spending multiplier...

We use a novel quarterly dataset of U.S. states to examine the dynamics and determinants of relative government spending multipliers in the decade surrounding the Great Recession. We find average multipliers that are similar to those that have been reported for the decades preceding the crisis,...

We estimate the effect of government spending shocks on the US economy with a time-varying parameter vector autoregression. The recent Great Recession period appears to be characterized by uniquely large impulse responses of output to fiscal shocks. Moreover, the particularity of this period is...

We use a novel quarterly dataset of U.S. states to examine the dynamics and determinants of relative government spending multipliers in the decade surrounding the Great Recession. We find average multipliers that are similar to those that have been reported for the decades preceding the crisis,...

In order to assess the impact of fiscal measures, economists usually rely on the fiscal multiplier whose nature and magnitude in the context of the financial crisis has become the focus of heated controversy against an ideological backdrop. Rather late it has been acknowledged that fiscal...

The paper compares fiscal cyclicality across regions and countries from 1960 to 2016. It finds that more than half of 170 countries analyzed in seven regions had, in more recent years, limited fiscal space, and that their fiscal policy was either cyclical or procyclical. This was particularly...

The report analyzes the impact of the global financial crisis on public services delivery in education and healthcare. The analysis has been undertaken from the macro-perspective. Pre-crisis and crisis economic developments are outlined and fiscal accounts developments are presented. The...

This paper explores the effects that the global financial crisis of 2008 - 2010 had on the funding and performance of the healthcare and education sectors in the Russian Federation (RF). Both education and healthcare expenditures increased in terms of total general government (GG) spending...