Fiscal policies in high debt Euro-area countries

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Hauptverfasser: Cavallo, Antonella (VerfasserIn), Dallari, Pietro (VerfasserIn), Ribba, Antonio (VerfasserIn)
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Sprache:English
Veröffentlicht: Cham Springer [2018]
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Datensatz im Suchindex

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adam_text Contents 1 Introduction.......................................................... 1 1.1 The Controversial Macroeconomic Outcomes of Fiscal Policy. . . 1 1.2 Does the Euro Area Needs a Fiscal Union?........................ 3 1.3 The Macroeconomic Outcomes of Fiscal Policy in High Debt Euro Area Countries............................................. 5 1.4 Spillovers of German Fiscal Policies in the Euro Area........... 7 References............................................................ 9 2 The Common Framework for National Fiscal Policies and the Euro Area Fiscal Union............................................... 11 2.1 Introduction................................................. 11 2.2 The Common European Framework for National Fiscal Policies ...................................................... 17 2.2.1 Preventive Arm.......................................... 18 2.2.2 Corrective Arm.......................................... 20 2.3 Towards a Euro-Area Budget for the Fiscal Union?............... 21 2.3.1 Some Comparison with Existing Federal States............ 25 2.3.2 The Euro-Area Budget Architecture: Some Proposals From the Literature..................................... 27 2.3.3 Other Proposals for Fiscal Union: Automatic Fiscal Stabilizers............................................. 29 2.4 The Effects of Government Spending Shocks in the Euro Area. Selected Literature............................................ 31 2.5 Measuring Fiscal Policy at the Euro Area Level................. 32 2.5.1 The Response of Variables to a Euro-Area Government Spending Shock.......................................... 34 2.5.2 The Response of Variables to a Euro-Area Government Investments Shock....................................... 35 vii Contents viii 2.6 An Alternative Identification Strategy of Government Spending Shocks......................................................... 37 2.6.1 Recovering Government Spending Shocks by Sign Restrictions............................................ 37 2.6.2 Government Investment Shocks............................ 39 2.7 The Effects of Government Spending Shocks Under an Accommodative Monetary Policy.................................. 40 2.8 Fiscal Multipliers: Results.................................. 42 2.9 Conclusions.................................................. 43 Appendix 1. Some Further Robustness Analysis....................... 44 Data Appendix..................................................... 46 References........................................................... 47 3 The Macroeconomic Effects of Fiscal Policy Shocks: A Review of the Literature.................................................... 51 3.1 Introduction................................................. 51 3.2 Alternative Methodologies for the Identification of Fiscal Shocks....................................................... 56 3.3 Structural VARs and Identification of Fiscal Shocks........ 59 3.4 Alternative Definitions of Fiscal Multipliers.................. 64 3.5 The Dynamics Effects of Fiscal Shocks in the US Economy .... 66 3.6 The Estimated Effects of Fiscal Shocks in the European Economy........................................................ 68 3.7 Fiscal Shocks and International Spillover Effects.............. 70 3.8 Macroeconomic Factors Shaping the Effects of Fiscal Policy. ... 71 3.8.1 The Degree of Openness and the Exchange Rate Regime............................................. 72 3.8.2 The Monetary Policy Stance.............................. 74 3.8.3 The Role of Public and Private Debt..................... 76 3.9 Identification of Fiscal Shocks and Fiscal Foresight........... 77 3.10 Conclusions.................................................... 79 References........................................................... 81 4 The Macroeconomic Effects of Fiscal Shocks in High Debt Euro Area Countries....................................................... 85 4.1 Introduction................................................... 85 4.2 Some Descriptive Statistics for the National Economics...... 89 4.3 The Econometric Approach....................................... 91 4.4 Estimation Results: The Responses of Variables to Monetary and Fiscal Shocks.............................................. 94 4.4.1 The Response of National Variables to a Contractionary Common Monetary Policy Shock............................ 97 4.4.2 The Response of National Variables to a Domestic Government Spending Shock............................... 99 Contents i 4.4.3 The Response of National Variables to a Domestic Government Revenues Shock................................ 101 4.5 Estimation Results: Sources of Business Cycle Fluctuations in the Six Countries............................................... H)2 4.5.1 The Degree of Integration of Domestic Business Cycle in the European One...................................... 105 4.6 Conclusions..................................................... 106 References............................................................ 110 5 A Further Look To Macroeconomic Outcomes of Fiscal Austerity in High Debt Countries................................................ 113 5.1 Introduction.................................................... 113 5.2 The Estimated VAR Models........................................ 115 5.3 The Responses of Consumption to Government Spending Shocks.......................................................... 117 5.3.1 Greece ................................................... US 5.3.2 Italy.................................................... 120 5.3.3 Portugal ................................................ 122 5.3.4 Ireland ................................................. 123 5.3.5 Netherlands.............................................. 123 5.3.6 Spain ................................................... 123 5.4 Estimation Results: Output Fiscal Multipliers................... 127 5.5 Conclusions..................................................... 120 References............................................................ 131 6 Can (And Should) Germany Do It? Spillovers of German Fiscal Policies in the Furo Area...................................... 133 6.1 Introduction.................................................... 133 6.2 The Estimated Model............................................. 137 6.3 Data............................................................ 141 6.4 Results......................................................... 141 6.4.1 German Government Spending Multiplier and Spillovers in the Euro Area.............................. 142 6.4.2 The Domestic and International Transmission of Spending Shocks.......................................... 144 6.5 Conclusions..................................................... 149 References........................................................... 1*31 7 The Labor Market Outcomes of Austerity. Evidence for Europe............................................................ 133 7.1 Introduction.................................................... 133 7.2 The Methodology................................................. 136 7.3 Data and Model Specification.................................... 1^1 7.3.1 Identification of the Shocks............................. !h2 7.4 The Results..................................................... 164 x Contents 7.4.1 The Labor Market Outcomes............................... 164 7.4.2 Allocative Effects Across Sectors....................... 169 7.4.3 Spending Reversals...................................... 172 7.5 Conclusions..................................................... 174 References........................................................... 175 Index.................................................................. 177
any_adam_object 1
author Cavallo, Antonella
Dallari, Pietro
Ribba, Antonio
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author_facet Cavallo, Antonella
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discipline Wirtschaftswissenschaften
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Fiscal policies in high debt Euro-area countries Antonella Cavallo, Pietro Dallari, Antonio Ribba
Cham Springer [2018]
© 2018
x, 178 Seiten Diagramme
txt rdacontent
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Erscheint auch als Online-Ausgabe 978-3-319-70269-8
Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030029737&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle Cavallo, Antonella
Dallari, Pietro
Ribba, Antonio
Fiscal policies in high debt Euro-area countries
Finance, Public
Econometrics
Macroeconomics
European Economic Community literature
Public finance
Fiskalpolitik (DE-588)4071234-5 gnd
Schulden (DE-588)4053461-3 gnd
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(DE-588)4042203-3
(DE-588)4055964-6
(DE-588)4022047-3
(DE-588)7553526-9
title Fiscal policies in high debt Euro-area countries
title_auth Fiscal policies in high debt Euro-area countries
title_exact_search Fiscal policies in high debt Euro-area countries
title_full Fiscal policies in high debt Euro-area countries Antonella Cavallo, Pietro Dallari, Antonio Ribba
title_fullStr Fiscal policies in high debt Euro-area countries Antonella Cavallo, Pietro Dallari, Antonio Ribba
title_full_unstemmed Fiscal policies in high debt Euro-area countries Antonella Cavallo, Pietro Dallari, Antonio Ribba
title_short Fiscal policies in high debt Euro-area countries
title_sort fiscal policies in high debt euro area countries
topic Finance, Public
Econometrics
Macroeconomics
European Economic Community literature
Public finance
Fiskalpolitik (DE-588)4071234-5 gnd
Schulden (DE-588)4053461-3 gnd
topic_facet Finance, Public
Econometrics
Macroeconomics
European Economic Community literature
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Fiskalpolitik
Schulden
Irland
Portugal
Italien
Niederlande
Spanien
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Eurozone
url http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030029737&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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