worked and real wages to a fiscal policy shock. The fiscal policy shock is identified with the dynamic response of government … - tax real wages respond to a fiscal policy shock. In this paper we show that this failure extends to a class of business …

importance given to monetary policy and to fiscal policy in both policy and theoretical terms. The former has gained considerably … role of fiscal policy. We examine these questions from the point of view of the "new consensus" in monetary economics and … the clear conclusion emerges that monetary policy is relatively impotent. The role of fiscal policy is also considered …

We generate observable expectations about fiscal variables through laboratory experiments using real world data from … several European countries as stimuli.We estimate an econometric model of individual expectations for fiscal policy, which … nests various theories of expectations-forming and encompasses both micro- and macro- economic lines of research on fiscal …

A workshop on Fiscal Spending Rules hosted by the Austrian Government Debt Committee in cooperation with the … Oesterreichische Nationalbank (OeNB) on September 29, 2005, explored two major issues: First, whether national fiscal rules that tie in … with the EU fiscal framework can help sustain sound fiscal policies in Europe, and second, what aspectsmust be taken into …

cyclical and permanent (i.e. structural) components of the fiscal balance may allow fiscal authorities to determine the extent … to which the fiscal stance in a particular year reflects their discretionary actions. Our findings indicate that the … 17% of the actual fiscal imbalance. Governments are not usually neutral during the business cycle. Ideally, they ought to …

is that military expenditures have a positive impact on growth because they are used as a fiscal policy too. The other …

In many countries two decision-making institutions, the government and the central bank, manage fiscal and monetary … coordinating fiscal and monetary policies. …