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An Estimated Fiscal Taylor Rule for the Postwar United States

Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2011

This paper documents the systematic response of postwar U.S. fiscal policy to fiscal imbalances and the business cycle using a multivariate Fiscal Taylor Rule. Adjustments to taxes and purchases both account for a large portion of the fiscal response to debt, while authorities seem reluctant to...

Persistent link: https://www.econbiz.de/10009149137

Estimating simple fiscal policy reaction functions for the euro area countries

Plödt, Martin; Reicher, Claire - Institut für Weltwirtschaft (IfW) - 2014

We formulate and estimate a simple fiscal policy reaction function for the euro area and individual euro area countries. Our reaction function allows for primary surpluses to feature three components: an anti-cyclical response of primary surpluses to the output gap, a response to the debt-GDP...

Persistent link: https://www.econbiz.de/10010886926

Changes in the Response of Fiscal Policy to Monetary Policy in the EMU

Arora, Sanchit; Reicher, Claire - Institut für Weltwirtschaft (IfW) - 2014

We study the evolution of the response of scal policy to monetary policy shocks in the EMU in the light of two … important events: the signing of the Maastricht treaty in 1992 and the introduction of the EMU in 1999. Based on impulse … as complements after the introduction of the EMU. These results holds for a set of 11 non-EMU countries as well, which …

Persistent link: https://www.econbiz.de/10011093913

Primary surplus and debt projections based on estimated fiscal reaction functions for euro area countries

Plödt, Martin; Reicher, Claire - Institut für Weltwirtschaft (IfW) - 2014

We project the path of the public debt and primary surpluses for a number of countries in the euro area under a fiscal rule based on a set of estimated fiscal policy reaction functions. Our fiscal rule represents a fiscal analogue to a well-known monetary policy rule, and it is calibrated using...

Persistent link: https://www.econbiz.de/10010886925

The role of lenders' trust in determining borrowing conditions for sovereign debt: An analysis of one-period government bonds with default risk

Guo, Yanling - Institut für Weltwirtschaft (IfW) - 2015

In this paper, the author considers the sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the weight assigned to the lenders' interest by the borrowing government at the time of...

Persistent link: https://www.econbiz.de/10011269110

Systematic fiscal policy and macroeconomic performance: A critical overview of the literature

Reicher, Claire - Institut für Weltwirtschaft (IfW) - 2014

The literature on systematic fiscal policy and macroeconomic performance in industrialized countries is large but fragmented. Based on a broad overview of that literature, several patterns emerge. The empirical literature points toward strongly anticyclical policy, which consists of procyclical...

Persistent link: https://www.econbiz.de/10010956104

Does Short-Time Work Save Jobs? A Business Cycle Analysis

Balleer, Almut; Gehrke, Britta; Lechthaler, Wolfgang; … - Institut für Weltwirtschaft (IfW) - 2013

This paper analyzes the effects of short-time work (i.e., government subsidized working time reductions) on unemployment and output fluctuations. The central question is whether the rule based component (i.e., the existence of the institution short-time work) and the discretionary component...

Persistent link: https://www.econbiz.de/10010886965

Disaggregate Evidence on the Substitutability Between Public and Private Spending.

Kuehlwein, M. - Hoover Institution on War Revolution & Peace, Stanford … - 1992

Persistent link: https://www.econbiz.de/10005776130

FISCAL POLICY AND EQUITY IN DEVELOPING COUNTRIES

MCLURE, C.E. JR. - Hoover Institution on War Revolution & Peace, Stanford … - 1988

Persistent link: https://www.econbiz.de/10005776147

The Optimal Tax on Capital is Negative.

Judd, K. - Hoover Institution on War Revolution & Peace, Stanford … - 1995

Persistent link: https://www.econbiz.de/10005776158