| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w14722
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| 来源ID | Working Paper 14722
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| The Euro and Fiscal Policy |
| Antonio Fatas; Ilian Mihov
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| 发表日期 | 2009-02-13
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| 出版年 | 2009
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| 语种 | 英语
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| 摘要 | The paper provides and empirical characterization of fiscal policy in the euro area and in a group of twenty-two OECD economies over the period from 1970 until 2007. Using the cyclically-adjusted fiscal balance we document that policy in the euro area has been mildly pro-cyclical. The adoption of the common currency and the constraints imposed by the Stability and Growth Pact have not had a large impact on the cyclical behavior of the structural balance. In contrast, over the past ten years US fiscal policy has become highly countercyclical, which was due predominantly to discretionary changes in tax policies. However, the component of the budget due to automatic stabilizers reacts stronger in the euro-area countries than in the US. We also document the primary balance in the OECD economies is more sensitive to output growth rather than to the output gap, which calls into question the common practice of adjusting structural balances by using elasticities with respect to the output gap. |
| 主题 | Macroeconomics
; Fiscal Policy
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| URL | https://www.nber.org/papers/w14722
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572398
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推荐引用方式
GB/T 7714 |
Antonio Fatas,Ilian Mihov. The Euro and Fiscal Policy. 2009.
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文件名：
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w14722.pdf
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格式：
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Adobe PDF
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