Showing 1 - 10 of 571
The paper argues that there are important links between asset prices and public finances which can strongly affect the variability of fiscal balances. Asset prices affect fiscal balances via capital gains and turnover related taxes, and via wealth effects on consumption and indirect taxes. The...
Persistent link: https://www.econbiz.de/10013320240
Based on a panel data model this paper investigates whether the effects of fiscal policy on national saving in Europe have changed after the Maastricht Treaty came into force. Recently Giavazzi, Jappelli and Pagano (2000) found evidence that national saving responds nonlinearly to fiscal policy...
Persistent link: https://www.econbiz.de/10010260473
Based on a panel data model this paper investigates whether the effects of fiscal policy on national saving in Europe have changed after the Maastricht Treaty came into force. Recently Giavazzi, Jappelli and Pagano (2000) found evidence that national saving responds nonlinearly to fiscal policy...
Persistent link: https://www.econbiz.de/10005700535
This paper investigates the effects of systematic (or rules-based) and non-systematic (exogenous) fiscal policy changes on output growth in Greece, focusing also on the composition of fiscal policy. Exogenous fiscal policy changes are associated with Keynesian responses (with the exception of...
Persistent link: https://www.econbiz.de/10014079047
We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that arise when trying to identify monetary–fiscal regime. The chapter concludes with directions in which...
Persistent link: https://www.econbiz.de/10014024282
Until the early 1990s, the discussions on fiscal policy primarily centered on the functions of economic stabilization, income redistribution and resource allocation. Long-term growth was not usually viewed as an end itself, and fiscal policy was often not sufficiently tailored to the different...
Persistent link: https://www.econbiz.de/10013135700
Fiscal consolidation is used as a synonym for austerity much as debt restructuring is used as a euphemism for partial repudiation. Inside the political arena of international economics, the nomenclature of government officials in policy debates adopts colorful terminology, such as healthy public...
Persistent link: https://www.econbiz.de/10013103649
Persistent link: https://www.econbiz.de/10013261132
This paper describes recent trends on the effectiveness of stabilisers in the European Union. Using both macro evidence on the cyclical sensitivity of budget deficit to economic activity and micro evidence on the tax and expenditure profiles, we conclude, in agreement with the recent literature,...
Persistent link: https://www.econbiz.de/10013112386
This paper investigates the unemployment effects of fiscal policy in Greece based on the SVAR methodology. We find evidence that the unemployment and growth effects can be quite sizeable in case of cuts in government purchases and in particular government consumption and to a lesser extent...
Persistent link: https://www.econbiz.de/10010208963