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Fiscal Multipliers in the Euro Area

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Author Info

  • Pablo Burriel

    (Research Department, Bank of Spain)

  • Francisco de Castro Fernández

    (Research Department, Bank of Spain)

  • Daniel Garrote

    (Research Department, Bank of Spain)

  • Esther Gordo

    (Research Department, Bank of Spain)

  • Joan Paredes

    (Fiscal Policies Division, European Central Bank)

  • Javier J. Pérez García

    (Research Department, Bank of Spain)

Abstract

In a standard linear structural VAR framework we analyse the size and sign of fiscal multipliers in the euro area, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. From a policy perspective, the analysis of fiscal multipliers in "average times" provides insights on the impact of both fiscal stimulus and fiscal consolidation measures, provided "good" and "bad" times are on average similar.

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File URL: http://ief.eco.unc.edu.ar/files/publicaciones/economiayestadistica/2010_48_n2/01_2010n2_BurrielDeCastroGarroteGordoParedesPerez.pdf
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Bibliographic Info

Article provided by Universidad Nacional de Córdoba, Facultad de Ciencias Económicas, Instituto de Economía y Finanzas in its journal Revista de Economía y Estadística.

Volume (Year): XLVIII (2010)
Issue (Month): 2 (July)
Pages: 7–27

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Handle: RePEc:ief:reveye:v:48:y:2010:i:2:p:7-27

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Related research

Keywords: Euro area; SVAR; Fiscal Shocks; Fiscal multipliers.;

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References

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  1. Eric M. Leeper & Todd B. Walker & Shu-Chun Susan Yang, 2008. "Fiscal Foresight: Analytics and Econometrics," NBER Working Papers 14028, National Bureau of Economic Research, Inc.
  2. Agnès Bénassy-Quéré & Jacopo Cimadomo, 2006. "Changing Patterns of Domestic and Cross-Border Fiscal Policy Multipliers in Europe and the US," Working Papers 2006-24, CEPII research center.
  3. Carlo Favero & Francesco Giavazzi, 2007. "Debt and the effects of fiscal policy," Working Papers 317, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  4. Paul van den Noord, 2000. "The Size and Role of Automatic Fiscal Stabilizers in the 1990s and Beyond," OECD Economics Department Working Papers 230, OECD Publishing.
  5. Francisco de Castro, 2003. "The macroeconomic effects of fiscal policy in Spain," Banco de Espa�a Working Papers 0311, Banco de Espa�a.
  6. Jörn Tenhofen & Guntram B. Wolff & Kirsten H. Heppke-Falk, 2010. "The Macroeconomic Effects of Exogenous Fiscal Policy Shocks in Germany: A Disaggregated SVAR Analysis," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 230(3), pages 328-355, June.
  7. Fatás, Antonio & Mihov, Ilian, 2001. "The Effects of Fiscal Policy on Consumption and Employment: Theory and Evidence," CEPR Discussion Papers 2760, C.E.P.R. Discussion Papers.
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Cited by:
  1. Roberto Tamborini, 2012. "Market opinions, fundamentals and the euro-sovereign debt crisis," Department of Economics Working Papers 1210, Department of Economics, University of Trento, Italia.

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