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External Constraints Matter for Privatizations

Petrarca, Ilaria; Ricciuti, Roberto - CESifo - 2014

We present an analysis of the share of public ownership in the product market in the OECD countries from 1974 to 2007. Despite much has been said on the broad topic of reforms and regulation, a sector-specific insight is missing. We replicate the analysis of Galasso (2014) by sector of activity...

Persistent link: https://www.econbiz.de/10010948843

Political Competition and Convergence to Fundamentals: With Application to the Political Business Cycle and the Size of Government

Ferris, J Stephen; Park, Soo-Bin; Winer, Stanley L. - CESifo - 2006

We address the problem of how to investigate whether economics, or politics, or both, matter in the explanation of public policy. The problem is first posed in a particular context by uncovering a political business cycle (using Canadian data for 130 years) and by taking up the challenge to make...

Persistent link: https://www.econbiz.de/10005181287

Government Spending Shocks and the Multiplier: New Evidence from the U.S. Based on Natural Disasters

Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - CESifo - 2012

The literature on estimating macroeconomic effects of fiscal policy requires suitable instruments to identify exogenous and unanticipated spending shocks. So far, the instrument of choice has been military build-ups. This instrument, however, largely limits the analysis to the US as few other...

Persistent link: https://www.econbiz.de/10010877863

Appropriate Fiscal Policy over the Business Cycle: Proper Stimulus Policies Can Work

Graves, Philip E. - CESifo - 2010

Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...

Persistent link: https://www.econbiz.de/10008498997

The 2008 Financial Crisis and Taxation Policy

Hemmelgarn, Thomas; Nicodème, Gaëtan J.A. - CESifo - 2010

The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....

Persistent link: https://www.econbiz.de/10008534034

Estimating the Effects of Coordinated Fiscal Actions in the Euro Area

Hebous, Shafik; Zimmermann, Tom - CESifo - 2012

We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a similar size area-wide shock expressed as a weighted...

Persistent link: https://www.econbiz.de/10010568610

Ageing, Government Budgets, Retirement, and Growth

Gonzalez-Eiras, Martín; Niepelt, Dirk - CESifo - 2011

We analyze the short and long run effects of demographic ageing—increased longevity and reduced fertility—on per-capita growth. The OLG model captures direct effects, working through adjustments in the savings rate, labor supply, and capital deepening, and indirect effects, working through...

Persistent link: https://www.econbiz.de/10008853852

Cross-Border Effects of Fiscal Consolidations: Estimates Based on Narrative Records

Hebous, Shafik; Zimmermann, Tom - CESifo - 2013

We estimate cross-border spillover effects of fiscal consolidation episodes on output, bilateral trade flows, interest rate, and the exchange rate, employing the new IMF action-based fiscal consolidation data. Results indicate a negative effect of foreign fiscal consolidation policies on...

Persistent link: https://www.econbiz.de/10010674455

3-Step Analysis of Public Finances Sustainability: the Case of the European Union

Afonso, António; Rault, Christophe - CESifo - 2008

ratios. Secondly, we apply the bootstrap panel cointegration techniques that account for the time series and cross … specific panel unit root test to investigate the mean-reverting behaviour of general government expenditures and revenues … and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal …

Persistent link: https://www.econbiz.de/10005406275

What do we really Know about Fiscal Sustainability in the EU? A Panel Data Diagnostic

Afonso, António; Rault, Christophe - CESifo - 2008

apply modern panel cointegration techniques developed by Pedroni (1999, 2004), generalized by Banerjee and Carrion …We assess the sustainability of public finances in the EU15 using stationarity and cointegration analysis. Specifically …, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also …

Persistent link: https://www.econbiz.de/10005416479