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be attributed to wrong macroeconomic predictions and approximately one-third to false assumptions on the elasticity. Our …
Persistent link: https://www.econbiz.de/10012547029
Enforcement of European fiscal rules, to a large extent, hinges on the fiscal forecasts prepared by the European Commission (EC). The reliability of these forecasts has received little attention in the literature, despite the fact that i) the forecasts have potentially far-reaching consequences...
Persistent link: https://www.econbiz.de/10013040182
Macroeconomic models that omit the shadow economy systematically mis-forecast and mis-measure the effect of fiscal –in particular tax– policy on economic activity and tax revenue. We add an informal sector to the Bank of Greece DSGE model and use the actual package of fiscal consolidation...
Persistent link: https://www.econbiz.de/10014078167
We estimate short- and long-run elasticities of private consumption for fiscal instruments, using a Fixed Effects model for the 19-euro area countries during the period of 1960-2017, to assess how fiscal elasticities vary during fiscal episodes. According to the results, positive “tax...
Persistent link: https://www.econbiz.de/10012861967
We apply recent panel cointegration methods to a structural equation between government expenditure and revenue. Allowing for multiple endogenous breaks and after computing appropriate bootstrap critical values, we conclude for fiscal sustainability in the overall EU15 panel
Persistent link: https://www.econbiz.de/10014222681
We apply recent panel cointegration methods to a structural equation between government expenditure and revenue. Allowing for multiple endogenous breaks and after computing appropriate bootstrap critical values, we conclude for fiscal sustainability in the overall EU15 pane
Persistent link: https://www.econbiz.de/10012725605
, the paper contributes an analytic derivation of the tax elasticity of taxable income, the welfare cost of the tax, and … government revenue as a percent of output. It shows how an increase in the tax rate causes the tax elasticity and welfare cost to … the tax elasticity of reporting income. Examples are provided with less and more productive economies in terms of the tax …
Persistent link: https://www.econbiz.de/10013246224
, the paper contributes an analytic derivation of the tax elasticity of taxable income, the welfare cost of the tax, and … government revenue as a percent of output. It shows how an increase in the tax rate causes the tax elasticity and welfare cost to … the tax elasticity of reporting income. Examples are provided with less and more productive economies in terms of the tax …
Persistent link: https://www.econbiz.de/10012294036
A substantial amount of aid to developing countries is given to the government, or goes through the budget, meaning it should have an impact on government fiscal behaviour (particularly on government spending). The few existing empirical studies on the effects of aid on government spending...
Persistent link: https://www.econbiz.de/10013380683
. The corresponding activity elasticity is clearly below 1 and the price elasticity is highly significant. Changes in the …
Persistent link: https://www.econbiz.de/10003747642