Sensitivity of fiscal-policy effects to policy coordination and business cycle conditions
This paper deals with the problems of assessing the effects of fiscal policy in the European Monetary Union. Here, we face wide cross-country differences in key fiscal parameters, some of which may also be vary over time (business cycle). Moreover, these effects may also depend on trade spillover ef...
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| Veröffentlicht in: | International economics and economic policy 2014-09, Vol.11 (3), p.397-411 |
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| description | This paper deals with the problems of assessing the effects of fiscal policy in the European Monetary Union. Here, we face wide cross-country differences in key fiscal parameters, some of which may also be vary over time (business cycle). Moreover, these effects may also depend on trade spillover effects and thus on the extent of policy coordination. Our empirical analyses make use of data for 15 EU countries, mainly for the period 1970–2011. The results clearly indicate that fiscal multipliers are not constant across countries and time, being much larger during economic recessions. By contrast, the policy coordination-effects appear to be more homogenous, although it turns out that small countries may benefit more from coordination. |
| doi_str_mv | 10.1007/s10368-013-0240-0 |
| format | Article |
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| ispartof | International economics and economic policy, 2014-09, Vol.11 (3), p.397-411 |
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| source | PAIS Index; SpringerLink; Business Source Complete |
| subjects | Analysis Asymmetry Business cycles Economic development Economic history Economic models Economic Policy Economic statistics Economic theory Economics Economics and Finance Estimates European Monetary Union Fiscal policy Foreign exchange rates Informal economy International economic relations International Economics Investment banks Macroeconomics/Monetary Economics//Financial Economics Original Paper Public Finance Recessions Studies Taxation |
| title | Sensitivity of fiscal-policy effects to policy coordination and business cycle conditions |
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