This paper analyses two factors which may cause cyclically-adjusted budget balances to give a misleading picture of underlying fiscal trends. It first explores the implications of recent large asset-market related fluctuations in government revenues for the measurement of structural budget balances. And second, it reviews the impact of the increased recourse to stopgap “one-off” measures to control deficits. The results confirm that since the late 1990s revenues have been more buoyant than would have been warranted by the registered rate of nominal output growth and the impact of tax measures. The study suggests that from 1995 to 2000 the average contribution of “unwarranted” revenues to year-to-year changes in cyclically-adjusted budget po...
Effect of Fiscal Policy on Economic Activity : A Function of Cyclical Conditions and the Fiscal Syst...
We analyze comovements in four measures of budget surpluses for 18 OECD countries for 1980-2008 with...
When economic data released in late 2001 suggested an economic slowdown, two questions immediately a...
Fiscal balances have deteriorated quickly in recent years, bringing back to the foreground the quest...
This paper assesses to what extent some components of government budgets affected by the macroeconom...
We investigate the short-term effects of fiscal adjustment on economic activity in 20 OECD countries...
In this paper we present a stylised framework of fiscal policy determination that considers both str...
We test for non-linear effects of asset prices on the fiscal policy of four major European economi...
Boom and bust phases in asset prices have become a pervasive feature of macroeconomic developments i...
OSInternational audienceWe test for non-linear effects of asset prices on the fiscal policy of four ...
Observed budget balances are an imperfect indicator of the fiscal policy stance, because fluctuation...
The main focus of this paper is the relation between the cyclical components of total revenues and e...
AbstractWe investigate the short-term effects of fiscal adjustment on economic activity in 20 OECD c...
This paper studies the role of business cycles in the phenomenon of increasing government spending/G...
The main focus of this paper is the relation between the cyclical components of total revenues and e...
Effect of Fiscal Policy on Economic Activity : A Function of Cyclical Conditions and the Fiscal Syst...
We analyze comovements in four measures of budget surpluses for 18 OECD countries for 1980-2008 with...
When economic data released in late 2001 suggested an economic slowdown, two questions immediately a...
Fiscal balances have deteriorated quickly in recent years, bringing back to the foreground the quest...
This paper assesses to what extent some components of government budgets affected by the macroeconom...
We investigate the short-term effects of fiscal adjustment on economic activity in 20 OECD countries...
In this paper we present a stylised framework of fiscal policy determination that considers both str...
We test for non-linear effects of asset prices on the fiscal policy of four major European economi...
Boom and bust phases in asset prices have become a pervasive feature of macroeconomic developments i...
OSInternational audienceWe test for non-linear effects of asset prices on the fiscal policy of four ...
Observed budget balances are an imperfect indicator of the fiscal policy stance, because fluctuation...
The main focus of this paper is the relation between the cyclical components of total revenues and e...
AbstractWe investigate the short-term effects of fiscal adjustment on economic activity in 20 OECD c...
This paper studies the role of business cycles in the phenomenon of increasing government spending/G...
The main focus of this paper is the relation between the cyclical components of total revenues and e...
Effect of Fiscal Policy on Economic Activity : A Function of Cyclical Conditions and the Fiscal Syst...
We analyze comovements in four measures of budget surpluses for 18 OECD countries for 1980-2008 with...
When economic data released in late 2001 suggested an economic slowdown, two questions immediately a...