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Keynesian, Non-Keynesian or No Effects of Fiscal Policy Changes? The EMU Case

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Author Info
Bas van Aarle ()
Harry Garretsen ()

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Abstract

This paper studies the experiences with fiscal adjustments in the European Union (EU) countries during the transition period to the Economic and Monetary Union (EMU). Using several approaches suggested in the literature on fiscal adjustments and their macroeconomic effects and in the literature on EMU, we analyze the effects of the fiscal adjustments during this period on private consumption. Thereby, we also take the specific context of the transition towards EMU explicitly into consideration. At best mixed evidence for the presence of non-linearities in the relation between fiscal adjustments and private spending is obtained. There is no clear-cut evidence for the hypothesis of "expansionary fiscal contractions" which may have alleviated the burden from fiscal consolidation in the EMU case. The sensitivity of the results for a number of factors is also checked.

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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 570.

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Date of creation: 2001
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Handle: RePEc:ces:ceswps:_570

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Related research
Keywords: Fiscal Retrenchment; EMU.;

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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  1. Jerome Creel & Gwenaëlle Poilon, 2006. "Is public capital productive in Europe?," Documents de Travail de l'OFCE 2006-10, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
    Other versions:
  2. Canale, R.R., 2008. "Central bank reaction to public deficit and sound public finance: the case of the European Monetary Union," MPRA Paper 8789, University Library of Munich, Germany. [Downloadable!]
  3. Jšrg Bibow, 2004. "Fiscal Consolidation: Contrasting Strategies & Lessons From International Experiences," Economics Working Paper Archive 400, Levy Economics Institute, The. [Downloadable!]
  4. Jerome Creel, 2003. "Ranking Fiscal Policy Rules: the Golden Rule of Public Finance vs. the Stability and Growth Pact," Documents de Travail de l'OFCE 2003-04, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
  5. Anton Burger & Martin Zagler, 2008. "US growth and budget consolidation in the 1990s: was there a non-Keynesian effect?," International Economics and Economic Policy, Springer, vol. 5(1), pages 225-235, July. [Downloadable!] (restricted)
  6. Fatih Ozatay, 2008. "Expansionary Fiscal Consolidations: New Evidence from Turkey," Working Papers 0805, TOBB University of Economics and Technology, Department of Economics. [Downloadable!]
  7. Fabrizio Carmignani, . "Cyclical fiscal policy in developing countries: the case of Africa," MRG Discussion Paper Series 2408, School of Economics, University of Queensland, Australia. [Downloadable!]
  8. Joerg Bibow, 2004. "Fiscal Consolidation Contrasting Strategies & Lessons from International Experience," Macroeconomics 0402014, EconWPA. [Downloadable!]
  9. Hideki Nishigaki, 2008. "Are the fiscal and monetary policies of the G-7 countries effective in decreasing the U.S. trade deficit?," Economics Bulletin, Economics Bulletin, vol. 6(27), pages 1-13. [Downloadable!]
  10. Anton Burger & Martin Zagler, 2007. "Reasons for the U.S. growth period in the nineties: non-keynesian effects, asset wealth and productivity," Department of Economics Working Papers wuwp095, Vienna University of Economics and B.A., Department of Economics. [Downloadable!]
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