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Non-Keynesian Effects of Fiscal Consolidation: An Analysis with an Estimated DSGE Model for the Hungarian Economy

Benk, Szilárd; Jakab, Zoltán M. - Economics Department, Organisation de Coopération et … - 2012

Using an estimated DSGE model for Hungary, the paper identifies the possible non-Keynesian channels through which a fiscal consolidation may manifest as expansionary. Simulations show that fiscal consolidation policies are typically contractionary. Nevertheless, taking into account some specific...

Persistent link: https://www.econbiz.de/10011276878

Ensuring Debt Sustainability Amid Strong Economic Uncertainty in Hungary

Beynet, Pierre; Kierzenkowski, Rafal - Economics Department, Organisation de Coopération et … - 2012

Despite a deep recession in 2009 and weak growth in subsequent years, Hungary’s fiscal position compares favourably with many other OECD countries. Nonetheless, the underlying fiscal balance started deteriorating in 2010 and 2011. Recognising this, Hungary’s government launched an ambitious...

Persistent link: https://www.econbiz.de/10011276894

Implications of Quasi-Fiscal Activities in Ghana

Chivakul, Mali; York, Robert C. - International Monetary Fund (IMF) - 2006

in energy and water consumption; and they have distorted the investment decisions of both public enterprises and the …

Persistent link: https://www.econbiz.de/10005605306

The Requirements for Long-Run Fiscal Sustainability

Buckle, Robert A; Cruickshank, Amy A - 2013

New Zealand, like many other countries, is experiencing a changing demographic profile from one dominated by young people during the 20th century to one where the population is more evenly distributed across age groups. This has implications for the economy and society, including the...

Persistent link: https://www.econbiz.de/10012115656

A CO2-adó bevezetésének várható hatása Magyarországon

Sipos, Nikoletta - In: GAZDÁLKODÁS: Scientific Journal on Agricultural Economics 56 (2012) 5

more and more interested in the question of how the tools of environment policy (e.g. environmental taxes) could be applied … to resolve the crisis situation of the Hungarian economy. Environment managers believe that the green economy is … utilised for the support of energy saving projects. The decreasing level of domestic CO2 emissions – presuming the given tax …

Persistent link: https://www.econbiz.de/10011163201

The Growth and Stabilization Properties of Fiscal Policy in Malaysia

Rafiq, Sohrab - International Monetary Fund (IMF) - 2013

This paper examines the size of the fiscal multiplier values generated in Malaysia. The results show that a government spending shock leads to broad positive economic effects. Although, the effectiveness of fiscal policy alters across macroeconomic states. The estimates show that since the Asian...

Persistent link: https://www.econbiz.de/10010790238

Does Fiscal Policy Affect Interest Rates? Evidence from a Factor-Augmented Panel

Dell'Erba, Salvatore; Sola, Sergio - International Monetary Fund (IMF) - 2013

This paper reconsiders the effects of fiscal policy on long-term interest rates employing a Factor Augmented Panel (FAP) to control for the presence of common unobservable factors. We construct a real-time dataset of macroeconomic and fiscal variables for a panel of OECD countries for the period...

Persistent link: https://www.econbiz.de/10010790255

Growth Forecast Errors and Fiscal Multipliers

Blanchard, Olivier J.; Leigh, Daniel - International Monetary Fund (IMF) - 2013

This paper investigates the relation between growth forecast errors and planned fiscal consolidation during the crisis. We find that, in advanced economies, stronger planned fiscal consolidation has been associated with lower growth than expected, with the relation being particularly strong,...

Persistent link: https://www.econbiz.de/10010790265

Narrowing Vertical Fiscal Imbalances in Four European Countries

Karpowicz, Izabela - International Monetary Fund (IMF) - 2012

This paper describes the institutional changes that have induced a decline in the vertical fiscal imbalance (VFI) - defined as the share of sub-national own spending not financed through own revenues - in four European countries: Belgium, Italy, Norway, and Spain. The decline in VFI was achieved...

Persistent link: https://www.econbiz.de/10010790291

Sovereign Risk and Belief-Driven Fluctuations in the Euro Area

Corsetti, Giancarlo; Kuester, Keith; Meier, André; … - International Monetary Fund (IMF) - 2013

Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro...

Persistent link: https://www.econbiz.de/10010790357