Showing 1 - 10 of 399
The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a SVAR model some fiscal policy regimes, i.e. a u0094set of rulesu0094 for the implementation of fiscal policies. Second, we identify the fiscal policy shocks related to different...
Persistent link: https://www.econbiz.de/10009635887
We use a Vector Auto Regression (VAR) analysis to explore the (spill-over) effects of fiscal policy shocks in Europe. To enhance comparability with the existing literature, we first analyse the effects of these shocks at the national level. Here, we employ identification based on Choleski...
Persistent link: https://www.econbiz.de/10009636548
In Lisbon the European Council proclaimed a European growth strategy. It considers an average economic u0093growth rate of around 3 percent as a realistic prospect for the coming yearsu0094 and assigns public finances an important role in the process of achieving this goal. This paper addresses...
Persistent link: https://www.econbiz.de/10009635955
Private consumption is a key component in the rebalancing of growth that China is seeking, and a challenging one. Not …. Understanding what drove the consumption share down to a mere 36% of GDP in China is thus vital. This brief explores the many … reasons for the high precautionary savings that followed in the wake of the reform process in China. In particular, the …
Persistent link: https://www.econbiz.de/10011291913
China's economy slowed significantly in the first three quarters of 2012 and questions have been raised on a possible … understand what is driving this slowdown and how lasting it may be given China's importance as an engine for global growth. Is …
Persistent link: https://www.econbiz.de/10011298658
Since the release of the 12th Five-Year Plan in 2011, a reform of China's household registration system – the so … so far (beyond some experiments at the provincial level). In the context of growing urbanisation pressures in China, a …
Persistent link: https://www.econbiz.de/10011298665
China's economy is at a cross roads. The factors that have driven its economic transformation over the last decades are …-income' trap, China's leaders are attempting to engineer a reorientation of the economy towards more sustainable sources of growth …. While considerable success has been achieved, more needs to be done more quickly before the authorities in China can prove …
Persistent link: https://www.econbiz.de/10011298680
We compute public sector performance (PSP) and efficiency (PSE) indicators, comprising a composite and seven sub-indicators, for 23 industrialised countries. The first four sub-indicators are u0093opportunityu0094 indicators that take into account administrative, education and health outcomes...
Persistent link: https://www.econbiz.de/10009635959
This paper examines the feasibility of implementing Linear Quadratic Gaussian (LQG) Control in structural cointegrated VAR models and sheds some light on the two major problems generated by such implementation. The first aspect to be taken into account is the effect of the presence of unit roots...
Persistent link: https://www.econbiz.de/10009635883
We propose a method for estimating a subset of the parameters of a structural rational expectations model by exploiting changes in policy. We define a class of models, midway between a vector autoregression and a structural model, that we call the recoverable structure. As an application of our...
Persistent link: https://www.econbiz.de/10009635894