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This policy brief reexamines the effects of the Greek austerity experiment on its economy via a counterfactual analysis. We combine the fiscal multipliers from the meta regression analysis in Gechert and Rannenberg (2014) to the fiscal consolidation measures that have been implemented in Greece...
Persistent link: https://www.econbiz.de/10011498230
This study examines whether differences in public sector efficiency are associated with diverging effects of public investment on growth. At first stage, we estimate public investment multipliers for each country of the European Union (EU). Their size varies considerably across countries. Then...
Persistent link: https://www.econbiz.de/10012996027
This paper investigates the relation between growth forecast errors and planned fiscal consolidation during the crisis. We find that, in advanced economies, stronger planned fiscal consolidation has been associated with lower growth than expected, with the relation being particularly strong,...
Persistent link: https://www.econbiz.de/10013085993
The impact of fiscal policy on economic growth is investigated within a panel of euro area member states over the period 2004-2011. We mainly consider fiscal impulses identified by (a) changes in the structural primary balance, complemented by evidence from (b) the IMF narrative shocks developed...
Persistent link: https://www.econbiz.de/10014079017
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This paper investigates the effects of manufacturing and of the real exchange rate (RER) on real per capita income growth. We use dynamic panel models and the calculation of output and employment multipliers for a diversified sample of countries from 1990 to 2011. Three important results can be...
Persistent link: https://www.econbiz.de/10012288231
Persistent link: https://www.econbiz.de/10011890862
(SAMs) is analyzed based on the multiplier model. A buttress of robust checks including a Vector Error Correction Model … income injection across sectors has a larger multiplier effect (in terms of output, GDP, income, and consumption) than the … service sector followed by agriculture and then the industrial sector. Despite the higher multiplier effects of the services …
Persistent link: https://www.econbiz.de/10014503063