| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5300 |
| DP5300 Heterogeneity in Consumer Price Stickiness: A Microeconometric Investigation | |
| Denis Fougère; Patrick Sevestre | |
| 发表日期 | 2005-10-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We propose an index of the fiscal stance that is convenient for practical use. It is based on a finite time horizon, not on an infinite time horizon like most tests. As it employs VAR analysis it is simple to compute and easily automated. We also show how it is possible to analyse a change of policy within a VAR framework. We use this methodology to examine the effect on fiscal sustainability of a change in policy. We then conduct an empirical examination of the fiscal stances of the US, the UK and Germany over the last 25 or more years, and we carry out a counter-factual analysis of the likely consequences for fiscal sustainability of using a Taylor rule to set monetary policy over this period. Among our findings are that the recent fiscal stances of all three countries are not sustainable, and that using a Taylor rule in the past would have improved the fiscal stances of the US and UK, but not that of Germany. |
| 主题 | International Macroeconomics |
| 关键词 | Budget deficits Government debt Fiscal sustainability Var analysis Economic policy |
| URL | https://cepr.org/publications/dp5300 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534172 |
| 推荐引用方式 GB/T 7714 | Denis Fougère,Patrick Sevestre. DP5300 Heterogeneity in Consumer Price Stickiness: A Microeconometric Investigation. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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