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Government Size, Composition, Volatility and Economic Growth
Afonso, António; Furceri, Davide - 2021
This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD … taxes (size and volatility); ii) social contributions (size and volatility); iii) government consumption (size and … volatility); iv) subsidies (size); and v) government investment (volatility) have a sizeable, negative and statistically …
Persistent link: https://www.econbiz.de/10013316642
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Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment
Coenen, Günter - 2020
We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies—forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus—in ameliorating the adverse consequences stemming...
Persistent link: https://www.econbiz.de/10012844862
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Interest Rate-Growth Differentials on Government Debt : An Empirical Investigation for the Euro Area
Checherita-Westphal, Cristina; Semeano, João Domingues - 2021
Persistent link: https://www.econbiz.de/10013315044
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Dealing with a Liquidity Trap When Government Debt Matters : Optimal Time-Consistent Monetary and Fiscal Policy
Burgert, Matthias - 2014
How does the need to preserve government debt sustainability affect the optimal monetary and fiscal policy response to a liquidity trap? To provide an answer, we employ a small stochastic New Keynesian model with a zero bound on nominal interest rates and characterize optimal time-consistent...
Persistent link: https://www.econbiz.de/10013061806
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The impact of high and growing government debt on economic growth: an empirical investigation for the euro area
Checherita-Westphal, Cristina; Rother, Philipp - 2010
This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point—beyond which the government debt-to-GDP ratio has a...
Persistent link: https://www.econbiz.de/10011605283
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Fiscal Policy and Growth : Do Financial Crises Make a Difference?
Afonso, António; Grüner, Hans Peter; Kolerus, … - 2021
In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...
Persistent link: https://www.econbiz.de/10013316206
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Signalling Fiscal Stress in the Euro Area -- A Country-Specific Early Warning System
de Cos, Pablo Hernández - 2014
The sovereign debt crisis in the euro area has increased the interest in early warning indicators, with the aim to indicate the build up of fiscal stress early on and to facilitate crisis prevention by a timely counteraction of fiscal and macroeconomic policies. This paper presents possible...
Persistent link: https://www.econbiz.de/10013049852
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The Dynamic Behaviour of Budget Components and Output
Claeys, Peter - 2007
The main focus of this paper is the relation between the cyclical components of total revenues and expenditures and the budget balance in France, Germany, Portugal, and Spain. We try to uncover past trends behind the development of public finances that contribute to explaining the current stance...
Persistent link: https://www.econbiz.de/10012776609
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Fiscal Activism and the Zero Nominal Interest Rate Bound
Schmidt, Sebastian - 2014
I show that the zero nominal interest rate bound may render it desirable for society to appoint a fiscally activist policy-maker who cares less about the stabilisation of government spending relative to inflation and output gap stabilisation than the private sector does. I work with a simple New...
Persistent link: https://www.econbiz.de/10013058237
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The dynamic behaviour of budget components and output
Afonso, António; Claeys, Peter - 2007
The main focus of this paper is the relation between the cyclical components of total revenues and expenditures and the budget balance in France, Germany, Portugal, and Spain. We try to uncover past trends behind the development of public finances that contribute to explaining the current stance...
Persistent link: https://www.econbiz.de/10011604821