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Fiscal rules have become popular to limit deficits and high debt burdens in industrialized countries. A growing literature examines their impact based on aggregate fiscal performance. So far, no evidence exists on how fiscal rules influence deficit expectations of fiscal policy makers. In the...
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This volume was prepared by Markus Reischmann while he was working at the Ifo Institute. It was completed in June 2015 and accepted as a doctoral thesis by the Department of Economics at the University of Munich in November 2015. It includes five self-contained chapters in the fields of public...
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In this paper we test whether German public debt has been sustainable by resorting to a test proposed by Bohn (1998). We apply non-parametric and semi-parametric regressions with time depending coefficients. This test shows that the mean of the coefficient relevant for sustainability has been...
Persistent link: https://www.econbiz.de/10002534799
In this paper, we test whether German public debt has been sustainable by resorting to a test proposed by Bohn (1998). We apply non-parametric and semi-parametric regressions with time depending coefficients. This test shows that the mean of the coefficient relevant for sustainability has been...
Persistent link: https://www.econbiz.de/10013318768
How should public debt be managed when uncertainty about the business cycle is widespread and debt levels are high, as in the aftermath of the last financial crisis? This paper analyzes optimal fiscal policy with ambiguity aversion and endogenous government spending. We show that, without...
Persistent link: https://www.econbiz.de/10011446558
the budget balance. The results show that stock-flow adjustments increased before elections. In Germany, stock … outside the core budget. Chapter 6 describes special funds in Germany and elaborates upon the purposes for which special funds …. Die Ergebnisse zeigen, dass die Stock-Flow-Adjustments vor Wahlen angestiegen sind. In Deutschland wurden große Stock …
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