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Fiscal policy and fiscal fragility : empirical evidence from the OECD

Shagi, Makram el-; Schweinitz, Gregor von - 2019

In this paper, we use local projections to investigate the impact of consolidation shocks on GDP growth, conditional on the fragility of government finances. Based on a database of fiscal plans in OECD countries, we show that spending shocks are less detrimental than tax-based consolidation. In...

Persistent link: https://www.econbiz.de/10012012854

Fiscal adjustments : lessons from and for the Baltic states

Klyvienė, Violeta; Jakaitienė, Audronė - In: Baltic journal of economics 22 (2022) 1, pp. 1-27

This paper aims to investigate the effects of various fiscal policy measures for small and open economies by analysing the implications of fiscal shocks in the Baltic countries based on data for the period from 1995 to 2018. For this purpose, we have chosen structural VAR estimation methods...

Persistent link: https://www.econbiz.de/10013347151

Revenue- versus spending-based consolidation plans : the role of follow-up

Beetsma, Roel; Furtuna, Oana; Giuliodori, Massimo - 2018

The literature on fiscal multipliers finds that spending-based fiscal consolidations tend to have more benign macro-economic consequences than revenue-based consolidations. By directly comparing ex-post data with consolidation plans, we present evidence of a systematically weaker follow-up of...

Persistent link: https://www.econbiz.de/10011904377

Public expenditure multipliers in recessions : evidence from the Eurozone

Boitani, Andrea; Perdichizzi, Salvatore - 2018

During the sovereign debt crisis, many Euro countries have deployed "austerity packages" implementing structural …

Persistent link: https://www.econbiz.de/10011818399

Consolidating the Covid debt

Keuschnigg, Christian; Johs, Julian; Stevens, Jacob - 2021

One of the main functions of public debt is to smooth taxes and spending over time. In the Covid crisis, the Maastricht deficit restrictions were temporarily suspended to allow for large temporary deficits. As recovery sets in, countries are confronted with the task of consolidating the Covid...

Persistent link: https://www.econbiz.de/10012796971

Regional integration and the euro crisis : problems and solutions

Pessoa, Argentino - 2013

consolidation and explains why austerity is so fiercely advocated by both core and periphery governments. The main reasons for the … governments, in cooperation with the European Commission, the ECB and the IMF, based on further austerity and wage cuts aggravate … to its disintegration. Considering the debt crisis as a problem of the PIIGS (Portugal, Ireland, Italy, Greece, Spain …

Persistent link: https://www.econbiz.de/10011515832

Debt-Dependent Effects of Fiscal Expansions

Bi, Huixin - 2016

Economists often postulate that ﬁscal expansions are less stimulative when government debt is high than when it is low. Empirical evidence, however, is ambiguous. Using a nonlinear neoclassical growth model, we show that the difference in government spending effects between high- and low-debt...

Persistent link: https://www.econbiz.de/10012995877

Balanced Budget Requirements and Local Austerity Multipliers

Cerrato, Andrea; Filippucci, Francesco; Valle, Simone - 2023

cut capital expenditures, rather than decreasing current expenditures or raising taxes. The estimated multiplier is not …

Persistent link: https://www.econbiz.de/10014343821

Fiscal consolidation strategy

Cogan, John F.; Taylor, John B.; Wieland, Volker; … - 2012

In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In...

Persistent link: https://www.econbiz.de/10009622444

Planned Fiscal Consolidations and Growth Forecast Errors -- New Panel Evidence on Fiscal Multipliers

Belke, Ansgar Hubertus - 2016

fiscal multipliers does not confirm that austerity is the wrong fiscal approach but only suggests a too optimistic assessment …

Persistent link: https://www.econbiz.de/10013002556