Fiscal announcements may transfer information about the government's view of the macroeconomic outlook to the private … interpreted as negative news by the stock market whereas exogenous fiscal interventions that do not convey any information about … heightened macroeconomic uncertainty. Both findings are shown to be consistent with the theory of signaling effects. …

debt and show that the signaling channel is active only for high levels of asymmetric information. The model generates a … ability to repay sovereign debt and show that the signaling channel is active only for high levels of asymmetric information … negative association between the amount of public information, provided by the rating agencies, and fiscal tightness. Informed …

' perceptions of their competence and/or preferences by using the composition of the fiscal budget as a signalling tool. However … relevance of the signalling channel at the municipal level, we conducted a survey among 2,000 representative German citizens in … 2018. Only a small fraction of voters feel well-informed about the fiscal budget signal and use the information it contains …