Skip to main content Accessibility help
×
Hostname: page-component-8448b6f56d-gtxcr Total loading time: 0 Render date: 2024-04-23T07:53:15.068Z Has data issue: false hasContentIssue false

Part IV - The Comeback of Discretionary Fiscal Policy

Published online by Cambridge University Press:  19 May 2017

Ľudovít Ódor
Affiliation:
Council for Budget Responsibility, Slovakia
Get access

Summary

Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Chapter
Information
Publisher: Cambridge University Press
Print publication year: 2017

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Bibliography

Acconcia, A., Corsetti, G. and Simonelli, S. (2013). Mafia and public spending: evidence on the fiscal multiplier from a quasi-experiment. American Economic Review, 104(7), 2185–209.Google Scholar
Alesina, A. and Ardagna, S. (2010). Large changes in fiscal policy: taxes versus spending. Tax Policy and the Economy, 24, 3568.Google Scholar
Alesina, A. and Perotti, R. (1997). The welfare state and competitiveness. American Economic Review, 87, 347–66.Google Scholar
Alesina, A., Ardagna, S., Perotti, R. and Schiantarelli, F. (2002). Fiscal policy, profits and investment. American Economic Review, 92(3), 571–89.Google Scholar
Alesina, A., Barbiero, O., Favero, C. , Giavazzi, F. and Paradisi, M. (2014). Austerity in 2009–2013. Paper prepared for 60th panel meeting of Economic Policy, October 2014.Google Scholar
Alesina, A., Favero, C., and Giavazzi, F. (2015). The output effects of fiscal stabilization plans. Journal of International Economics, 96(1), S19S42.Google Scholar
Auerbach, A. and Gorodnichenko, Y. (2012). Measuring the output responses to fiscal policy. American Economic Journal: Economic Policy, 4(2), 127.Google Scholar
Bachmann, R. and Sims, E. (2011). Confidence and the Transmission of Government Spending Shocks. NBER Working Paper No. 17063, National Bureau of Economic Research, Inc.Google Scholar
Barro, R. J. and Redlick, C. J. (2011). Macroeconomic effects from government purchases and taxes. The Quarterly Journal of Economics, 126(1), 51102.Google Scholar
Ben Zeev, N. and Pappa, E. (2014). Chronicle of a War Foretold: The Macroeconomic Effects of Anticipated Defense Spending Shocks. Mimeo, European University Institute.Google Scholar
Baxter, M. and King, R. G. (1993). Fiscal policy in general equilibrium. American Economic Review, 83(3), 315–34.Google Scholar
Blanchard, O. and Perotti, R. (2002). An empirical characterization of the dynamic effects of changes in government spending and taxes on output. Quarterly Journal of Economics, 117(4), 1329–68.Google Scholar
Blanchard, O. and Leigh, D. (2013). Growth Forecast Errors and Fiscal Multipliers. IMF Working Paper No. 13/1. Washington, DC: International Monetary Fund.Google Scholar
Beetsma, R., Cimadomo, J., Fortuna, O. Giuliodori, M. (2015). The Confidence Effects of Fiscal Consolidations. ECB Working Paper No. 1770, March 2015.Google Scholar
Bloom, N. (2009). The impact of uncertainty shocks. Econometrica, 77(3), 623–85.Google Scholar
Burnside, C., Eichenbaum, M. and Fisher, J. D. M. (2004). Fiscal shocks and their consequences. Journal of Economic Theory, 115(1), 89117.CrossRefGoogle Scholar
Caggiano, G., Castelnuovo, E., Colombo, V. and Nodari, G. (2015). Estimating fiscal multipliers: news from a non-linear world. The Economic Journal, 125, 746–76.Google Scholar
Caldara, D. (2011). The Analytics of SVARs: A Unified Framework to Measure Fiscal Multipliers. IIES Working Paper, http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.190.4182&rep=rep1&type=pdf.Google Scholar
Cavallo, M. (2005). Government Employment Expenditure and the Effects of Fiscal Policy Shocks. Federal Reserve Bank of San Francisco Working Paper No. 2005-16.Google Scholar
Christiano, L. J., Eichenbaum, M. and Evans, C. L. (1998). Monetary Policy Shocks: What Have We Learned and to What End? NBER Working Paper No. 6400.Google Scholar
Christiano, L.J., Eichenbaum, M. and Rebelo, S. (2011). When is the government spending multiplier large? Journal of Political Economy, 119(1), 78121.Google Scholar
Chung, H. and Leeper, E. M. (2007). What Has Financed Government Debt? NBER Working Paper No. W12345.Google Scholar
Cloyne, J. (2013). Discretionary tax changes and the macroeconomy: new narrative evidence from the United Kingdom. The American Economic Review, 103(4): 1507–28.Google Scholar
Corsetti, G., Meier, A. and Mueller, G. (2012a). Fiscal stimulus with spending reversals. The Review of Economics and Statistics, 94(4), 878–95.Google Scholar
Corsetti, G., Meier, A. and Mueller, G. (2012b). What determines government spending multipliers. Economic Policy, CEPR;CES;MSH, 27(72), 523–64.Google Scholar
de Cos, P. H. and Mora, E. (2012). Fiscal Consolidations and Economic Growth. Working Paper, Banco de Espana.Google Scholar
DeLong, J. B. and Summers, L. H. (2012). Fiscal Policy in a Depressed Economy. Working Paper.Google Scholar
Drautzburg, T. and Uhlig, H. (2015). Fiscal stimulus and distortionary taxation. Review of Economic Dynamics, 18(4), 894920.CrossRefGoogle Scholar
Dell’Erba, S., Mattina, T. and Roitman, A. (2013). Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment. IMF Working Paper No. 13/170. Washington, DC: International Monetary Fund.Google Scholar
Devries, P., Guajardo, J., Leigh, D. and Pescatori, A. (2011). A New Action-Based Dataset of Fiscal Consolidations. IMF Working Paper No. 11/128. Washington, DC: International Monetary Fund.Google Scholar
Edelberg, W., Eichenbaum, M. and Fisher, J. D. M. (1999). Understanding the effects of a shock to government purchases. Review of Economic Dynamics, 2(1), 166206.Google Scholar
Eggertsson, G. B. (2010). What fiscal policy is effective at zero interest rates? In Acemoglu, D. and Woodford, M., eds., NBER Macroeconomic Annual. Chicago: Chicago University Press, 59112.Google Scholar
Eggertsson, G. B. and Krugman, P. (2012). Debt, deleveraging, and the liquidity trap. Quarterly Journal of Economics, 127(3), 1469–513.Google Scholar
Fatás, A. and Mihov, I. (2001). The Effects of Fiscal Policy on Consumption and Employment: Theory and Evidence. Mimeo, INSEAD.Google Scholar
Favero, C. and Giavazzi, F. (2012). Measuring tax multipliers: the narrative method in fiscal VARs. American Economic Journal: Economic Policy, 4(2), 6994.Google Scholar
Favero, C., Giavazzi, F. and Perego, J. (2011). Country heterogeneity and the international evidence on the effects of fiscal policy. IMF Economic Review, 59(4), 652–82.Google Scholar
Fisher, Jonas D. M. and Peters, R. (2010). Using stock returns to identify government spending shocks. The Economic Journal, 120 (May), 414–36.CrossRefGoogle Scholar
Gal, J., López-Salido, J. D. and Vallés, J. (2007). Understanding the effects of government spending on consumption. Journal of the European Economic Association, 5(1), 227–70.Google Scholar
Garratt, A., Lee, K., Pesaran, M. H. and Shin, Y. (2012). Global and National Macroeconometric Modelling: A Long-Run Structural Approach. Oxford: Oxford University Press.Google Scholar
Giavazzi, F. and Pagano, M. (1990). Can severe fiscal contractions be expansionary? Tales of two small European countries. NBER Chapters in NBER Macroeconomics Annual, 5, 75122.Google Scholar
Giavazzi, F. and McMahon, M. (2013). The household effects of government spending. In Alesina, A. and Giavazzi, F., eds., Fiscal Policy after the Financial Crisis. Chicago and London: University of Chicago Press and NBER.Google Scholar
Guajardo, Jaime, Leigh, D. and Pescatori, A. (2014). Expansionary austerity? International evidence. Journal of the European Economic Association, 12(4), 949–68.Google Scholar
Hernandez da Cos, P. and Moral-Benito, E. (2011). Endogenous Fiscal Consolidations. Working Paper No. 1102, Banco de Espana.Google Scholar
Jalil, A. (2012). Comparing Tax and Spending Multipliers: It Is All About Controlling for Monetary Policy. Mimeo, Dept of Economics, Reed College.Google Scholar
Leeper, E. M. (2010). Monetary Science, Fiscal Alchemy. Proceedings – Economic Policy Symposium – Jackson Hole, Federal Reserve Bank of Kansas City, pp. 361–434.Google Scholar
Leeper, E. M., Walker, T. B. and Yang, S.-C. (2013). Fiscal foresight and information flows. Econometrica, 81(3), 1115–45.Google Scholar
Leeper, E. M., Traum, N. and Walker, T. (2015). Clearing Up the Fiscal Multiplier Morass, www4.ncsu.edu/~njtraum/LTW_FMM.pdfGoogle Scholar
Lippi, M. and Reichlin, L. (1994). VAR analysis, non fundamental representations, Blaschke matrices. Journal of Econometrics, 63(1), 307–25.Google Scholar
Lucas, R. (1976). Econometric policy evaluation: a critique. In Brunner, K. and Meltzer, A., eds., The Phillips Curve and Labor Markets. Carnegie-Rochester Conference Series on Public Policy, 1. New York: American Elsevier, pp. 1946.Google Scholar
Mertens, K. and Ravn, M. O. (2011). Understanding the aggregate effects of anticipated and unanticipated tax policy shocks. Review of Economic Dynamics, 14(1), 2754.Google Scholar
Mertens, K. and Ravn, M. O. (2013). The dynamic effects of personal and corporate income tax changes in the United States. American Economic Review, 103(4), 2012–47.Google Scholar
Mertens, Karel, and Ravn, Morten O. (2014). A reconciliation of SVAR and narrative estimates of tax multipliers. Journal of Monetary Economics, 68, S1S19.Google Scholar
Mountford, A. and Uhlig, H. (2009). What are the effects of fiscal policy shocks? Journal of Applied Econometrics, 24, 960–92.Google Scholar
Òscar, J. (2005). Estimation and inference of impulse responses by local projections. American Economic Review, 95(1): 161–82.Google Scholar
Òscar, J and Taylor, Alan M. (2013). The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy. NBER Working Papers No. 19414, National Bureau of Economic Research, Inc.Google Scholar
Perotti, R. (2005). Estimating the Effects of Fiscal Policy in OECD Countries. CEPR Discussion Paper No. 168. Centre for Economic Policy Research, London.Google Scholar
Perotti, Roberto (2008). In search of the transmission mechanism of fiscal policy. In Acemoglu, D., Rogoff, K. and Woodford, M., eds., NBER Macroeconomics Annual 2007, 22. Chicago: University of Chicago Press, pp. 169226.Google Scholar
Perotti, Roberto (2013). The austerity myth: gain without pain. In Alesina, Alberto and Giavazzi, Francesco, eds., Fiscal Policy after the Financial Crisis. Chicago and London: University of Chicago Press and National Bureau of Economic Research, 307–54.Google Scholar
Ramey, V. (2011a). Identifying government spending shocks: it’s all in the timing. Quarterly Journal of Economics, 126(1), 150.Google Scholar
Ramey, V. (2011b). Can government purchases stimulate the economy? Journal of Economic Literature, 49(3), 673–85.Google Scholar
Ramey, V. (2013). Government spending and private activities. In Alesina, A. and Giavazzi, F., eds., Fiscal Policy after the Financial Crisis. Chicago and London: University of Chicago Press and NBER, pp. 1955.Google Scholar
Ramey, V. (2016). Macroeconomic shocks and their propagation. In Taylor, J. and Uhlig, H., eds., Handbook of Macroeconomics, 2. Amsterdam: Elsevier, pp. 71162.Google Scholar
Ramey, V., Owyang, M. and Zubairy, S. (2013). Are government spending multipliers greater during periods of slack? Evidence from 20th century historical data. American Economic Review, Papers and Proceedings, 103(3), 129–34.Google Scholar
Ramey, V. A. and Zubairy, S. (2014). Government Spending Multipliers in Good Times and in Bad: Evidence from US Historical Data. Working paper, November.Google Scholar
Romer, C. and Romer, D. H. (2010). The macroeconomic effects of tax changes: estimates based on a new measure of fiscal shocks. American Economic Review, 100(3), 763801.CrossRefGoogle Scholar
Schmitt-Grohe, S. and Uribe, M. (2012). What’s news in business cycles. Econometrica, 80(6), 2733–64.Google Scholar
Uhlig, H. (2005). What are the effects of monetary policy? Results from an agnostic identification procedure. Journal of Monetary Economics, 52(2), 381419.CrossRefGoogle Scholar
Uhlig, Harald (2010). Some fiscal calculus. American Economic Review, 100(2), 30–4.Google Scholar
Uhlig, Harald (2012). Economics and reality. Journal of Macroeconomics, 34(March), 2941.Google Scholar

Bibliography

Bank for International Settlements (2014). 84th Annual Report, www.bis.org/publ/arpdf/ar2014e.htmGoogle Scholar
Board of Governors of the FED (1976). Banking & Monetary Statistics, 1914–1970, 2 vols. Washington DC.Google Scholar
The Economist (2005). The global housing boom: in come the waves. June 16, www.economist.com/node/4079027Google Scholar
European Central Bank (2012). Mario Draghi’s Interview with Le Monde. July 21, www.ecb.europa.eu/press/inter/date/2012/html/sp120721.en.htmlGoogle Scholar
Eurostat (2014). Provision of Deficit and Debt Data for 2013 – First Notification. April 23, http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2-23042014-AP/EN/2-23042014-AP-EN.PDFGoogle Scholar
International Monetary Fund (2010). IMF Executive Board Approves €30 Billion Stand-By Arrangement for Greece. Press Release No. 10/187, May 9, 2010. www.imf.org/external/np/sec/pr/2010/pr10187.htmGoogle Scholar
International Monetary Fund (2013a). Global Financial Stability Report: Old Risks, New Challenges. April.Google Scholar
International Monetary Fund (2013b). Unconventional Monetary Policies – Recent Experience and Prospects, www.imf.org/external/np/pp/eng/2013/041813a.pdfGoogle Scholar
International Monetary Fund (2013c). Unconventional Monetary Policies – Recent Experience and Prospects – Background Paper. www.imf.org/external/np/pp/eng/2013/041813.pdfGoogle Scholar
Koo, R. (2001). The Japanese economy in balance sheet recession. Business Economics, 36(2), 15.Google Scholar
Koo, Richard (2003). Balance Sheet Recession: Japan’s Struggle with Uncharted Economics and Its Global Implications. Singapore: John Wiley & Sons.Google Scholar
Koo, Richard (2008). The Holy Grail of Macro Economics: Lessons from Japan’s Great Recession. Singapore: John Wiley & Sons.Google Scholar
Koo, Richard (2014). The Escape from Balance Sheet Recession and the QE Trap: A Hazardous Road for the World Economy. Singapore: John Wiley & Sons.Google Scholar
Koo, R. and Fujita, S. (1997). Zaisei-saiken no Jiki wa Shijo ni Kike: Zaisei-saiken ka Keiki-kaifuku ka (Listen to the bond market for the timing of fiscal reform). Shukan Toyo Keizai, February 8, 52–9.Google Scholar
Krugman, P. (1998). It’s baaack: Japan’s slump and the return of the liquidity trap. Brookings Papers on Economic Activities, 2, 137205.Google Scholar
Maddison, A., Historical Statistics of the World Economy: 1–2008 AD, www.ggdc.net/maddison/Historical_Statistics/vertical-file_02-2010.xlsGoogle Scholar
Robb, G. (2015). Krugman: “Meh” is grade Fed gets on QE. Market Watch, November 9, www.marketwatch.com/story/krugman-meh-is-grade-fed-gets-on-qe-2015-11-09Google Scholar
Summers, L. H., (2009). Rescuing and Rebuilding the US Economy: A Progress Report. Prepared remarks at the Peterson Institute for International Economics, Washington DC, July 17, 2009, www.piie.com/publications/papers/paper.cfm?ResearchID=1264Google Scholar

Bibliography

Agénor, P.-R. (2010). A theory of infrastructure-led development. Journal of Economic Dynamics and Control, 34(5), 932–50.Google Scholar
Andrews, D., Caldera Sanchez, A. and Johansson, A. (2011). Housing Markets and Structural Policies in OECD Countries. OECD Economics Department Working Papers, No. 836.Google Scholar
Auerbach, A. J. and Gorodnichenko, Y. (2012). Measuring the output responses to fiscal policy. American Economic Journal: Economic Policy, 4(2), 127.Google Scholar
Barrios, S., Langedijk, S. and Pench, L. (2010). EU Fiscal Consolidation after the Financial Crisis-Lessons from Past Experiences. Paper presented at the 12th Banca d’Italia Public Finance Workshop, Fiscal Policy: Lessons from the Crisis, Perugia, 25–27 March.Google Scholar
Blanchard, O. and Leigh, D. (2013). Growth Forecast Errors and Fiscal Multipliers. IMF Working Paper No. 13/1, Washington, DC.Google Scholar
Blöchliger, H., Song, D. and Sutherland, D. (2012). Fiscal Consolidation: Part 4. Case Studies of Large Fiscal Consolidation Episodes. OECD Economics Department Working Papers, No. 935. doi: http://dx.doi.org/10.1787/5k9fdf5xptlq-enGoogle Scholar
Bundesbank (2014). On the Reliability of International Organisations’ Estimates of the Output Gap. Deutsche Bundesbank Monthly Report, April.Google Scholar
Caldera Sanchez, A., de Serres, A. and Yashiro, N. (2015). Reforming in a Difficult Macro Context: What Should Be the Priority? OECD Economics Department Working Papers, No. 1297.Google Scholar
Christiano, L., Eichenbaum, M. and Rebelo, S. (2009). When Is the Government Spending Multiplier Large? NBER Working Papers, No. 15394.Google Scholar
Cournède, B., Pina, A. and Goujard, A. (2014). Reconciling fiscal consolidation with growth and equity. OECD Journal: Economic Studies, 2013(1), 789.Google Scholar
De Long, J. B and Summers, L. H. (2012). Fiscal Policy in a Depressed Economy. Paper prepared for the Spring 2012 Brookings Panel on Economic Activity, 22–23 March, Washington, DC.Google Scholar
European Commission (2012). The Quality of Public Expenditure in the EU. Occasional Paper 125, December.Google Scholar
European Commission (2015). An Assessment of the Relative Quality of EU Gap Estimates. Quarterly Report on the Euro Area, Vol. 14.Google Scholar
Fall, F., Bloch, D., Fournier, J.-M. and Hoeller, P. (2015). Prudent Debt Targets and Fiscal Frameworks. OECD Economic Policy Papers, No. 15.Google Scholar
Fredriksen, K. (2013). Decentralisation and Economic Growth – Part 3: Decentralisation, Infrastructure Investment and Educational Performance. OECD Working Papers on Fiscal Federalism, No. 16, Paris.Google Scholar
Galí, J., Lopez-Salido, D. and Valles, J. (2007). Understanding the effects of government spending on consumption. Journal of the European Economic Association, 5(1), 227–70.Google Scholar
Guichard, S., Kennedy, M., Wurzel, E. and André, C. (2007). What Promotes Fiscal Consolidation: OECD Country Experiences. OECD Economics Department Working Papers, No. 553.Google Scholar
Hagemann, R. (2012). Fiscal Consolidation: Part 6. What Are the Best Policy Instruments for Fiscal Consolidation? OECD Economics Department Working Papers, No. 937, OECD, Paris.Google Scholar
Hers, J. and Suyker, W. (2014). Structural Budget Balance: A Love at First Sight Turned Sour. CPB Policy Brief, 2014/07.Google Scholar
Henriksson, J. (2007). Ten lessons about budget consolidation. Bruegel Essay and Lecture Series, http://bruegel.org/wp-content/uploads/imported/publications/el_010607_budget.pdfGoogle Scholar
Johansson, Å., Heady, C., Arnold, J., Brys, B. and Vartia, L. (2008). Tax and Economic Growth. OECD Economics Department Working Papers, No. 620.Google Scholar
Johannesson-Linden, A. and Gayer, C. (2012). Possible Reforms of Real Estate Taxation: Criteria for Successful Policies. European Economy: Occasional Papers, No. 119, European Commission, Brussels.Google Scholar
Joumard, I., Hoeller, P. André, C. and Nicq, C. (2010). Health Care Systems: Efficiency and Policy Settings. OECD Economics Department Working Papers, No. 769.Google Scholar
Klein, C., Price, R. W. and Wörgötter, A. (2013). Improving the Fiscal Framework to Enhance Growth in an Era of Fiscal Consolidation in Slovakia. OECD Economics Department Working Papers, No. 1018. doi: 10.1787/5k4c9kv6b7f2-enGoogle Scholar
Mann, C. (2015). Budget Deficit and Austerity. Paper prepared for the Institute for New Economic Thinking Conference on 9 April.Google Scholar
OECD (2010). Tax Expenditures in OECD Countries. Paris: OECD.Google Scholar
OECD (2011). OECD Economic Surveys: France. Paris: OECD.Google Scholar
OECD (2012). OECD Economic Surveys: United States. Paris: OECD.Google Scholar
OECD (2013). Addressing Base Erosion and Profit Shifting. Paris: OECD.Google Scholar
OECD (2015). Economic Outlook Vol 2015/2. Paris: OECD.Google Scholar
OECD (2016). Economic Outlook Vol 2016/2. Paris: OECD.Google Scholar
Rawdanowicz, Ł. (2014). Choosing the pace of fiscal consolidation. OECD Journal: Economic Studies, 2013, 91119.Google Scholar
Robinson, M. (2013). Aggregate expenditure ceilings and allocative flexibility. OECD Journal on Budgeting, 12(3), 119.Google Scholar
Robinson, M. (2015). Budget Reform before and after the Global Financial Crisis. Paper presented at the 36th Annual OECD Senior Budget Official Meeting, 11–12 June 2015.Google Scholar
Sutherland, D. and Price, R. (2007). Linkages between Performance and Institutions in the Primary and Secondary Education Sector. OECD Economics Department Working Papers, No. 558.Google Scholar
Turner, D., Cavalleri, M. C., Guillemette, Y., Kopoin, A., Ollivaud, P. and Rusticelli, E. (2016). An investigation into improving the real-time reliability of OECD output gap estimates. OECD Economics Department Working Papers, No. 1294.Google Scholar
Vandierendonck, C. (2014). Public spending reviews design, conduct, implementation. Economic Papers, 525 (July), http://ec.europa.eu/economy_finance/publications/economic_paper/2014/pdf/ecp525_en.pdf.Google Scholar
Von Hagen, J., Hallett, A. H. and Strauch, R. R. (2002). Budgetary consolidation in Europe: quality, economic conditions and persistence. Journal of the Japanese and International Economies, 16, 512–35.Google Scholar
Von Hagen, J. and Strauch, R. R. (2001). Fiscal consolidations: quality, economic conditions and success. Public Choice, 109, 327–46.Google Scholar
Woodford, M. (2011). Simple analytics of the government expenditure multiplier. American Economic Journal: Macroeconomics, 3(1), 135.Google Scholar

Bibliography

Adema, W., Fron, P. and Ladaique, M. (2011). Is the European Welfare State Really More Expensive? Indicators on Social Spending (1980–2012) and a Manual to the OECD Social Expenditure Database. OECD Working Paper No. 124.Google Scholar
Afonso, A., Agnello, L. and Furceri, D. (2010). Fiscal policy responsiveness, persistence and discretion. Public Choice, 145, 503–30.Google Scholar
Austin, D. A. and Levit, M. R. (2010). Trends in Discretionary Spending. Congressional Research Service, September.Google Scholar
Blanchard, O. J. (1990). Suggestions for a New Set of Fiscal Indicators. OECD Working Paper No. 79.Google Scholar
Blanchard, O. J. and Perotti, R. (2002). An empirical characterization of the dynamic effects of changes in government spending and taxes on output. The Quarterly Journal of Economics, 117(4), 1329–68.Google Scholar
Blinder, A. S. (2006). The case against the case against discretionary fiscal policy. In Kopcke, R. W., Tootell, G. M. B. and Triest, R. K., eds., The Macroeconomics of Fiscal Policy, MIT Press, 2561.Google Scholar
Coricelli, F. and Fiorito, R. (2009). Output Gap, Recessions and Fiscal Discretion. Case Conference, Warsaw, November.Google Scholar
Coricelli, F. and Fiorito, R. (2013). Myths and Facts about Fiscal Discretion: A New Measure of Discretionary Expenditure. Document de travail du Centre d’Economie de la Sorbonne, 13033.Google Scholar
Corsetti, G., Meier, A. and Miller, G. J. (2012). What Determines Government Spending Multipliers? IMF Working Paper No. 12/150.Google Scholar
Darby, J., Melitz, J. and Masten, I. (2008). Social spending and automatic stabilizers in the OECD. Economic Policy, 23(56), 715–56.Google Scholar
Devries, P., Guajardo, R., Leigh, D. and Pescatori, A. (2011). A New Action-Based Data Set of Fiscal Consolidation. IMF Working Paper No. 11/128.Google Scholar
Elmendorf, D. W. (2011). Discretionary Spending. Testimony before the Joint Select Committee on Deficit Reduction, US Congress, October 26.Google Scholar
Fatás, A. and Mihov, I. (2003). The case for restricting fiscal policy discretion. Quarterly Journal of Economics, 118(4), 1419–47.Google Scholar
Finn, M. (1998). Cyclical effects of government’s employment and goods purchases. International Economic Review, 39(3), 635–57.Google Scholar
Fiorito, R. (1997). Stylized Facts of Government Finance in the G-7. IMF Working Paper No. 97/142.Google Scholar
Galí, J. (1994). Government size and macroeconomic stability. European Economic Review, 38, 117–32.Google Scholar
Girouard, N. and André, C. (2005). Measuring Cyclically Adjusted Budget Balances for OECD Countries. OECD Working Paper No. 434.Google Scholar
Granger, C. W. J. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37(3), 424–38.Google Scholar
Ilzetzki, E., Mendoza, E. G. and Végh, C. A. (2011). How Big (Small) Are Fiscal Multipliers? IMF Working Paper No. 11/52.Google Scholar
IMF (2010). Will it hurt? Macroeconomic effects of fiscal consolidation. In World Economic Outlook, October, pp. 93–124.Google Scholar
IMF (2012a). World Economic Outlook, October.Google Scholar
IMF (2012b). Fiscal Monitor, October.Google Scholar
Kydland, F. and Prescott, E. (1990). Real facts and monetary myth. Federal Reserve Bank of Minneapolis Quarterly Review, 1345–70.Google Scholar
Lane, P. R. (2003). The cyclical behaviour of fiscal policy: evidence from the OECD. Journal of Public Economics, 87, 2661–75.Google Scholar
Larch, M. and Turrini, A. (2009). The Cyclically-Adjusted Budget Balance in EU Fiscal Policy Making: A Love at First Sight Turned into a Mature Relationship. European Economy, March.Google Scholar
Levy-Yeyati, E. and Sturzenegger, F. (2005). Classifying exchange rate regimes: deeds vs. words. European Economic Review, 49(6), 1603–35.Google Scholar
Musgrave, R. (1959). The Theory of Public Finance. New York: McGraw Hill.Google Scholar
Ramey, V. A. (2011). Identifying government shocks: it’s all in the timing. Quarterly Journal of Economics, 126(1), 150.Google Scholar
Ramey, V. A. and Shapiro, M. D. (1998). Costly capital reallocation and the effects of government spending. Carnegie-Rochester Conference on Public Policy, 48(1), 145–94.Google Scholar
Ravn, O. and Uhlig, H. (2002). On adjusting the HP filter for the frequency of observations. Review of Economics and Statistics, 84(3), 71–5.Google Scholar
Romer, C. and Romer, D. (2010). The macroeconomic effects of tax changes: estimates based on a new measure of fiscal shocks. American Economic Review, 100, 763801.Google Scholar
Steuerle, E. (2013). Dead Men Ruling: The Decline of Fiscal Democracy in America. Urban Institute, video commentary, January.Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×