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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

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

Sustainability and Co-Movement of Government Debt in EMU Countries : A Panel Data Analysis

Magazzino, Cosimo - 2018

period 1970-2016. Panel unit root tests in the presence of cross-section dependence show that the government debt series is … government debt in the Eurozone …

Persistent link: https://www.econbiz.de/10012909021

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

The Cyclical Response of Fiscal Policies in the Euro Area : Why Do Results of Empirical Research Differ So Strongly?

Momigliano, Sandro - 2008

Whether discretionary fiscal policies in industrialized countries act counter- or pro-cyclically and whether their reaction is symmetric or asymmetric over the cycle are still largely unsettled questions. This uncertainty remains even when attention is restricted to euro-area countries, where...

Persistent link: https://www.econbiz.de/10012725080

The Cyclical Response of Fiscal Policies in the Euro Area – Why Do Results of Empirical Research Differ so Strongly?

Golinelli, Roberto - 2012

Whether discretionary fiscal policies in industrialized countries act counter- or pro-cyclically and whether their reaction is symmetric or asymmetric over the cycle are still largely unsettled questions. This uncertainty perdures when attention is restricted to euro-area countries, where these...

Persistent link: https://www.econbiz.de/10013110799

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

Do EU fiscal rules support or hinder counter-cyclical fiscal policy?

Larch, Martin; Orseau, Eloïse; Van Der Wielen, Wouter - 2020

scope for stabilising output. Using panel data covering close to 50 EU and non-EU countries, we provide evidence that the …

Persistent link: https://www.econbiz.de/10012206018

Real-Time Determinants of Fiscal Policies in the Euro Area : Fiscal Rules, Cyclical Conditions and Elections

Golinelli, Roberto; Momigliano, Sandro - 2007

We examine the impact of four factors on the fiscal policies of the euro-area countries over the last two decades: the state of public finances, the European fiscal rules, cyclical conditions and general elections. We rely on information actually available to policy-makers at the time of...

Persistent link: https://www.econbiz.de/10014053611

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