Mehrotra, Aaron; Crespo Cuaresma, Jesús; Eller, Markus - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2011
This paper studies the transmission of a foreign fiscal policy shock (assumed to be generated in Germany) to key macroeconomic variables in five Central and Eastern European economies (CEE-5). We use quarterly data from 1995 to 2009 and estimate an open economy structural vector autoregressive...