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Did fiscal consolidation cause the double dip recession in the euro area?
Heimberger, Philipp - 2015
closely related to the harshness of fiscal austerity. Cumulative multiplier estimates are found to vary in a range from 1.4 to … the euro crisis. It presents new econometric estimates on the link between cumulative GDP growth and fiscal austerity … 2.1, depending on the data source used to identify the intensity of fiscal consolidation. Given these multiplier values …
Persistent link: https://www.econbiz.de/10011778844
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The short- and long-run effects of fiscal consolidation in dynamic general equilibrium : conference paper
Schwarzmüller, Tim; Wolters, Maik H. - 2014 - Very preliminary, work in progress!
ordering these consolidation strategies by multiplier size or their welfare consequences leads to very different rankings. With …
Persistent link: https://www.econbiz.de/10010486056
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Long-run effects of austerity
Martins, Guilherme Klein - 2022
This paper provides evidence that austerity shocks have long-run negative effects on GDP. Besides addressing the … reweighting in a local projections setup to account for the potential endogeneity of austerity policies and the non-linearity of … contractions larger than 3%. Evidence is also found linking austerity with smaller capital stock in the long-run. The results are …
Persistent link: https://www.econbiz.de/10014229776
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Fiscal consolidation by austerity and EU surveillance policies
Iancu, Aurel; Olteanu, Dan - 2015
After a brief introduction dealing with critical opinions of some economists on the European austerity policy, the … authors point out that austerity as a means of achieving fiscal consolidation and financial stability is applied when the … fiscal domain is weak. After analyzing the effects of the 2009 crisis on some indicators and austerity measures taken by …
Persistent link: https://www.econbiz.de/10011576575
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Fiscal multipliers and growth in the Greek economy : an assessment of the recent fiscal adjustment program
Papaioannou, Sotiris K. - In: A new growth model for the Greek economy : requirements …, (pp. 275-287). 2016
Persistent link: https://www.econbiz.de/10011536864
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Fiscal policy and fiscal fragility : empirical evidence from the OECD
Shagi, Makram el-; Schweinitz, Gregor von - 2019
In this paper, we use local projections to investigate the impact of consolidation shocks on GDP growth, conditional on the fragility of government finances. Based on a database of fiscal plans in OECD countries, we show that spending shocks are less detrimental than tax-based consolidation. In...
Persistent link: https://www.econbiz.de/10012012854
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Revenue- versus spending-based consolidation plans : the role of follow-up
Beetsma, Roel; Furtuna, Oana; Giuliodori, Massimo - 2018
The literature on fiscal multipliers finds that spending-based fiscal consolidations tend to have more benign macro-economic consequences than revenue-based consolidations. By directly comparing ex-post data with consolidation plans, we present evidence of a systematically weaker follow-up of...
Persistent link: https://www.econbiz.de/10011904377
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Consolidating the Covid debt
Keuschnigg, Christian; Johs, Julian; Stevens, Jacob - 2021
One of the main functions of public debt is to smooth taxes and spending over time. In the Covid crisis, the Maastricht deficit restrictions were temporarily suspended to allow for large temporary deficits. As recovery sets in, countries are confronted with the task of consolidating the Covid...
Persistent link: https://www.econbiz.de/10012796971
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Debt-Dependent Effects of Fiscal Expansions
Bi, Huixin - 2016
Economists often postulate that fiscal expansions are less stimulative when government debt is high than when it is low. Empirical evidence, however, is ambiguous. Using a nonlinear neoclassical growth model, we show that the difference in government spending effects between high- and low-debt...
Persistent link: https://www.econbiz.de/10012995877
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Fiscal Multipliers in Bulgaria : Low But Still Relevant
Muir, Dirk - 2013
With fiscal adjustment proceeding quickly in Bulgaria and given the weak economic growth environment, there is keen interest in making the budget composition more growth friendly. This paper quantifies the short-term impact of fiscal policy on economic activity in Bulgaria using econometric and...
Persistent link: https://www.econbiz.de/10013085612