using a multivariate Fiscal Taylor Rule. Adjustments to taxes and purchases both account for a large portion of the fiscal … response to debt, while authorities seem reluctant to adjust transfers. As expected, taxes are highly procyclical; purchases …This paper documents the systematic response of postwar U.S. fiscal policy to fiscal imbalances and the business cycle …

using a multivariate Fiscal Taylor Rule. Adjustments to taxes and purchases both account for a large portion of the fiscal … response to debt, while authorities seem reluctant to adjust transfers. As expected, taxes are highly procyclical; purchases …This paper documents the systematic response of postwar U.S. fiscal policy to fiscal imbalances and the business cycle …

fiscal stance when public-debt-to-GDP ratios are higher - but only in the euro area, not in advanced stand-alone countries …This paper analyses the link between discretionary fiscal policy and interest-growth differentials (r-g). Panel … relationship between fiscal policy and r-g. However, more unfavourable r-g differentials are linked more strongly to a tighter …

fiscal stance when public-debt-to-GDP ratios are higher - but only in the euro area, not in advanced stand-alone countries …This paper analyses the link between discretionary fiscal policy and interest-growth differentials (r-g). Panel … relationship between fiscal policy and r-g. However, more unfavourable r-g differentials are linked more strongly to a tighter …

from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised … four sessions. The first session concentrated on the interaction between fiscal policy and macroeconomic imbalances. The … contributed to increase fiscal and financial tensions. The third session scrutinized fiscal policy with an eye to the inequalities …

n this paper we analyze the role played by fiscal sustainability shocks on the Bolivian economic growth performance. To … do this, we impose restrictions on a VAR for the Bolivian economy that allow us to identify fiscal sustainability shocks …. We argue that imposing long run identification restrictions in our tructural VAR is a new (applied to fiscal issues) and …

This paper discusses the theoretical aspects of fiscal sustainability and identities the main sources of fiscal non … and cointegration analysis are employed to examine this issue. According to the debt stationarity tests, countries such as … debt stationarity test and intertemporal budget constraint do not account for the costs associated with the transition …

The aim of this Paper is to test for the extent of incompleteness in the market for US Government debt. We show that … when a government pursues an optimal tax policy and issues a full set of contingent claims, the value of debt has the same …. Examining US data, however, reveals that debt is substantially more persistent than other variables and increases in response to …

countercyclical transfer payments. Consolidation in response to the debt has come primarily through adjustments to taxes and possibly …The literature on systematic fiscal policy and macroeconomic performance in industrialized countries is large but … anticyclical fiscal policy, meanwhile, has gone from mostly focusing on government purchases and tax rates toward beginning to …