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Macroeconomic and fiscal challenges faced by the Southern and Eastern Mediterranean region

Dąbrowski, Marek - 2014

The current fiscal imbalances and fragilities in the Southern and Eastern Mediterranean countries (SEMC) are the result of decades of instability, but have become more visible since 2008, when a combination of adverse economic and political shocks (the global and European financial crises, Arab...

Persistent link: https://www.econbiz.de/10010337694

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

Austerity, cyclical adjustment and the remaining leeway for expansionary fiscal policies in the Euro area

Truger, Achim - 2014

Fiscal policy in the Euro area is still dominated by austerity measures implemented under the institutional setting of the 'reformed' stability and growth pact, and the even stricter 'fiscal compact'. At the same time, calls for a more expansionary fiscal policy to overcome the economic crisis...

Persistent link: https://www.econbiz.de/10010424293

Fiscal policy and rebalancing in the Euro area : a critique of the German debt brake from a Post-Keynesian perspective

Hein, Eckhard; Truger, Achim - 2013

The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain...

Persistent link: https://www.econbiz.de/10010187671

The golden rule of public investment : a necessary and sufficient reform of the EU fiscal framework?

Truger, Achim - 2016

It is by now a widely shared insight that fiscal policy needs to be re-strengthened as a macroeconomic policy instrument within European macroeconomic policies: Recent experiences with austerity policies, new research regarding the size of the fiscal multiplier and the fact that monetary policy...

Persistent link: https://www.econbiz.de/10011477456

Deficit policy within the framework of the stability and growth pact : empirical results and lessons for the fiscal compact

Afflatet, Nicolas - 2016

This paper examines the question whether joining EMU or the breach of the Stability and Growth Pact in 2003 had an … having joined EMU or after having breached the Pact in 2003. These results can be explained with the fact that the Pact was …

Persistent link: https://www.econbiz.de/10011488439

Desperate times call for desperate measures : government spending multipliers in hard times

Lee, Sokbae; Liao, Yuan; Seo, Myung Hwan; Shin, Youngki - 2020

We investigate state-dependent effects of fiscal multipliers and allow for endogenous sample splitting to determine whether the US economy is in a slack state. When the endogenized slack state is estimated as the period of the unemployment rate higher than about 12 percent, the estimated...

Persistent link: https://www.econbiz.de/10012237148

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

Larch, Martin; Orseau, Eloïse; Van der Wielan, Wouter - 2020

shocks, discretionary measures remain ill-timed from a stabilisation perspective even when observable and politically more …

Persistent link: https://www.econbiz.de/10012306605

Economic stabilisation and performance in West Africa : the role of fiscal and monetary policy

Mesagan, Ekundayo P.; Yusuf, Ismaila A. - 2019

The study examines the impact of fiscal and monetary policy on economic performance and stabilisation in Nigeria … proxy economic performance and economic stabilisation respectively while fiscal policy is captured with deficit finance and … confirms that monetary policy significantly drives economic stabilisation in Nigeria and the Gambia, but insignificantly in …

Persistent link: https://www.econbiz.de/10012137607

The scarring effects of major economic downturns : the role of fiscal policy and government investment

Larch, Martin; Claeys, Peter; Van Der Wielen, Wouter - 2022

stabilisation tool. At the same time, there is ample evidence that major economic downturns produce lasting effects on real GDP in … fiscal expansion, and (ii) find the right time to pivot from short-term stabilisation to fiscal consolidation while …

Persistent link: https://www.econbiz.de/10013448651