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What Determines Government Spending Multipliers?

Corsetti, Giancarlo; Meier, André; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...

Persistent link: https://www.econbiz.de/10011083665

`Excessive Deficits': Sense and Nonsense in the Treaty of Maastricht

Buiter, Willem H.; Corsetti, Giancarlo; Roubini, Nouriel - C.E.P.R. Discussion Papers - 1992

inflation and real output growth, no cyclical adjustment and no appropriate allowance for future revenue-producing public sector …

Persistent link: https://www.econbiz.de/10005123755

Cyclical and Structural Deficits on the Road to Accession: Fiscal Rules for an Enlarged European Union

Coricelli, Fabrizio; Ercolani, Valerio - C.E.P.R. Discussion Papers - 2002

The Paper is one of the first attempts to compute cyclical and structural deficits for a set of countries candidate to accession to the EU. Three main results are derived: first, the high deficits observed in candidate countries in recent years have a structural nature. Second, the fiscal stance...

Persistent link: https://www.econbiz.de/10005123632

Some Cross-Country Evidence about Debt, Deficits and the Behaviour of Monetary and Fiscal Authorities

Melitz, Jacques - C.E.P.R. Discussion Papers - 1997

This paper assesses how monetary authorities behave and how they interact. Pooled data for the 15 members of the European Union except Luxembourg and five other OECD countries serves to answer these questions. Three basic conclusions emerge. First, fiscal policy responds to the ratio of public...

Persistent link: https://www.econbiz.de/10005497715

A Gold Standard Isn't Viable Unless Supported by Sufficiently Flexible Monetary and Fiscal Policy

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1986

The paper studies an idealized gold standard in a two-country setting. Unless national policies for domestic credit expansion (dce) are flexible enough to offset the effect of money demand shocks on international gold reserves, the gold standard collapses with certainty in finite time through a...

Persistent link: https://www.econbiz.de/10005497804

Long-Term Public Debt and the Fiscal Theory of the Price Level

Bloise, Gaetano; Reichlin, Pietro - C.E.P.R. Discussion Papers - 2006

The fiscal theory of the price level asserts that the price level is determined by the ratio of outstanding public nominal debt into the present value of real primary budget surpluses of the government. We here argue that the logic of the fiscal theory fails when at least part of the public debt...

Persistent link: https://www.econbiz.de/10005123617

Fiscal Rules and the Budget Process

Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 1997

This paper examines the rationale for the imposition of fiscal rules as a way to reduce budgetary imbalances. It presents theoretical arguments for the existence of a ‘fiscal deficit bias’ and the empirical evidence on the economic, political and institutional factors leading to this bias....

Persistent link: https://www.econbiz.de/10005791693

Monetary Policy and Fiscal Policy: Impact Effects with a New Keynesian `Assignment' of Weapons to Targets

Meade, James; Vines, David - C.E.P.R. Discussion Papers - 1988

, control of inflation and control over the growth of national wealth, and a third outcome of importance, a high level of …). The assignment problem considers whether fiscal policy should be used to control inflation, leaving monetary policy to …

Persistent link: https://www.econbiz.de/10005497740

Evolving International Inflation Dynamics: Evidence from a Time-varying Dynamic Factor Model

Mumtaz, Haroon; Surico, Paolo - C.E.P.R. Discussion Papers - 2008

Several industrialised countries have had a similar inflation experience in the past 30 years, with inflation high and … volatile in the 1970s and the 1980s but low and stable in the most recent period. We explore the dynamics of inflation in these … countries via a time-varying factor model. This statistical model is used to describe movements in inflation that are …

Persistent link: https://www.econbiz.de/10005788916

Risk Sharing and Moral Hazard with a Stability Pact

Beetsma, Roel; Jensen, Henrik - C.E.P.R. Discussion Papers - 1999

We show how a stability pact based on deficit sanctions eliminates the exacerbation of debt accumulation that may arise from monetary unification. Moreover, by making sanctions contingent upon the economic situation of countries, the stability pact provides for risk sharing. Differences in...

Persistent link: https://www.econbiz.de/10005504345