Fiscal Consolidation and the Probability Distribution of Deficits: A Stochastic Analysis of the Stability Pact
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Salmon, Mark H, 1982.
"Error Correction Mechanisms,"
Economic Journal, Royal Economic Society, vol. 92(367), pages 615-629, September.
- Salmon, Mark, 1982. "Error Correction Mechanisms," The Warwick Economics Research Paper Series (TWERPS) 199, University of Warwick, Department of Economics.
- repec:sae:niesru:v:164:y::i:1:p:90-99 is not listed on IDEAS
- Michael J. Artis & Marco Buti, 2000.
"‘Close‐to‐Balance or in Surplus’: A Policy‐Maker's Guide to the Implementation of the Stability and Growth Pact,"
Journal of Common Market Studies, Wiley Blackwell, vol. 38(4), pages 563-591, November.
- Michael J. Artis & Marco Buti, 2000. "Close to Balance or in Surplus. A Policy Maker’s Guide to the Implementation of the Stability and Growth Pact," EUI-RSCAS Working Papers 28, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
- Artis, Michael & Buti, Marco, 2000. ""Close to Balance or in Surplus": A Policy Maker's Guide to the Implementation of the Stability and Growth Pact," CEPR Discussion Papers 2515, C.E.P.R. Discussion Papers.
- Roberto Perotti, 1999. "Fiscal Policy in Good Times and Bad," The Quarterly Journal of Economics, Oxford University Press, vol. 114(4), pages 1399-1436.
- Salmon, Mark, 1982. "Error Correction Mechanisms," Economic Research Papers 269151, University of Warwick - Department of Economics.
- Mr. Paul R Masson & Mr. Bart Turtelboom, 1997. "Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU," IMF Working Papers 1997/058, International Monetary Fund.
- Mitchell, Peter R. & Sault, Joanne E. & Smith, Peter N. & Wallis, Kenneth F., 1998. "Comparing global economic models," Economic Modelling, Elsevier, vol. 15(1), pages 1-48, January.
- Mitchell, Peter R. & Sault, Joanne E. & Wallis, Kenneth F., 2000. "Fiscal policy rules in macroeconomic models: principles and practice," Economic Modelling, Elsevier, vol. 17(2), pages 171-193, April.
- Peter McAdam & A. J. Hughes Hallett, 1999. "Nonlinearity, ComputationaL Complexity and Macroeconomic Modelling," Journal of Economic Surveys, Wiley Blackwell, vol. 13(5), pages 577-618, December.
- Juillard, Michel & Laxton, Douglas & McAdam, Peter & Pioro, Hope, 1998. "An algorithm competition: First-order iterations versus Newton-based techniques," Journal of Economic Dynamics and Control, Elsevier, vol. 22(8-9), pages 1291-1318, August.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- McAdam, Peter & Morgan, Julian, 2001. "The monetary transmission mechanism at the euro-area level: issues and results using structural macroeconomic models," Working Paper Series 93, European Central Bank.
- Andrew Hughes Hallett & Laura Piscitelli, 1999.
"EMU in Reality: The Effect of a Common Monetary Policy on Economies with Different Transmission Mechanisms,"
Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 26(4), pages 337-358, December.
- Hughes Hallett, Andrew & Piscitelli, Laura, 1999. "EMU in Reality: The Effect of a Common Monetary Policy on Economies with Different Transmission Mechanisms," CEPR Discussion Papers 2068, C.E.P.R. Discussion Papers.
- Perez, Javier J. & Hiebert, Paul, 2004.
"Identifying endogenous fiscal policy rules for macroeconomic models,"
Journal of Policy Modeling, Elsevier, vol. 26(8-9), pages 1073-1089, December.
- Hiebert, Paul & Pérez, Javier J., 2002. "Identifying endogenous fiscal policy rules for macroeconomic models," Working Paper Series 156, European Central Bank.
- Javier J. Pérez & Paul Hiebert, 2002. "Identifying endogenous fiscal policy rules for macroeconomic models," Economic Working Papers at Centro de Estudios Andaluces E2002/06, Centro de Estudios Andaluces.
- McAdam, Peter & Morgan, Julian, 2001. "The monetary transmission mechanism at the euro-area level: issues and results using structural macroeconomic models," Working Paper Series 0093, European Central Bank.
- Perez, Javier J. & Hiebert, Paul, 2004.
"Identifying endogenous fiscal policy rules for macroeconomic models,"
Journal of Policy Modeling,
Elsevier, vol. 26(8-9), pages 1073-1089, December.
- Javier J. Pérez & Paul Hiebert, 2002. "Identifying endogenous fiscal policy rules for macroeconomic models," Economic Working Papers at Centro de Estudios Andaluces E2002/06, Centro de Estudios Andaluces.
- Pérez, Javier J. & Hiebert, Paul, 2002. "Identifying endogenous fiscal policy rules for macroeconomic models," Working Paper Series 0156, European Central Bank.
- Wallis, Kenneth F., 2004.
"Comparing empirical models of the euro economy,"
Economic Modelling, Elsevier, vol. 21(5), pages 735-758, September.
- Kenneth F. Wallis, 2004. "Comparing Empirical Models of the Euro Economy," Econometric Society 2004 Australasian Meetings 14, Econometric Society.
- Harissis H. & Mesomeris S. & Staikouras S., 2001. "Long-Term Trends and Short-Run Dynamics in International Stock Markets," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 103-120, July - De.
- David F. Hendry, 2013.
"Econometric Modelling: The ‘Consumption Function’ In Retrospect,"
Scottish Journal of Political Economy, Scottish Economic Society, vol. 60(5), pages 495-522, November.
- Hendry, David F, 1983. "Econometric Modelling: The "Consumption Function" in Retrospect," Scottish Journal of Political Economy, Scottish Economic Society, vol. 30(3), pages 193-220, November.
- Burke, A.E. & van Stel, A.J. & Thurik, A.R., 2009. "Blue Ocean versus Competitive Strategy: Theory and Evidence," ERIM Report Series Research in Management ERS-2009-030-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
- Mitchell, Peter R. & Sault, Joanne E. & Wallis, Kenneth F., 2000. "Fiscal policy rules in macroeconomic models: principles and practice," Economic Modelling, Elsevier, vol. 17(2), pages 171-193, April.
- Deleau Michel & Le Van Cuong & Malgrange Pierre, 1987. "Long terme des modèles macroéconométriques (le)," CEPREMAP Working Papers (Couverture Orange) 8729, CEPREMAP.
- Engle, Robert & Granger, Clive, 2015.
"Co-integration and error correction: Representation, estimation, and testing,"
Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
- Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-276, March.
- Dury, Karen & Pina, Alvaro M., 2003.
"Fiscal policy in EMU: simulating the operation of the Stability Pact,"
Journal of Policy Modeling, Elsevier, vol. 25(2), pages 179-206, February.
- Dury, K. & Pina, A.M., 2000. "Fiscal Policy in EMU: Simulating the Operation of the Stability Pact," Economics Working Papers eco2000/3, European University Institute.
- Kurt Kratena & Ina Meyer & Michael Wüger, 2009.
"Ökonomische, technologische und soziodemographische Einflussfaktoren der Energienachfrage,"
WIFO Monatsberichte (monthly reports), WIFO, vol. 82(7), pages 525-538, July.
- Kurt Kratena & Ina Meyer & Michael Wüger, 2009. "Ökonomische, technologische und soziodemographische Einflussfaktoren der Energienachfrage," WIFO Working Papers 339, WIFO.
- Aurikko, Esko, 1985. "Testing Disequilibrium Adjustment Models for Finnish Exports of Goods," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 47(1), pages 33-50, February.
- Ericsson, Neil R., 1992.
"Cointegration, exogeneity, and policy analysis: An overview,"
Journal of Policy Modeling, Elsevier, vol. 14(3), pages 251-280, June.
- Neil R. Ericsson, 1991. "Cointegration, exogeneity, and policy analysis: an overview," International Finance Discussion Papers 415, Board of Governors of the Federal Reserve System (U.S.).
- Campbell, John Y. & Shiller, Robert J., 1988.
"Interpreting cointegrated models,"
Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 505-522.
- John Y. Campbell & Robert J. Shiller, 1988. "Interpreting Cointegrated Models," NBER Working Papers 2568, National Bureau of Economic Research, Inc.
- Shiller, Robert & Campbell, John, 1988. "Interpreting Cointegrated Models," Scholarly Articles 3221492, Harvard University Department of Economics.
- Cristina Checherita-Westphal & Andrew Hughes Hallett & Philipp Rother, 2014.
"Fiscal sustainability using growth-maximizing debt targets,"
Applied Economics, Taylor & Francis Journals, vol. 46(6), pages 638-647, February.
- Checherita-Westphal, Cristina & Rother, Philipp & Hughes Hallett, Andrew, 2012. "Fiscal sustainability using growth-maximising debt targets," Working Paper Series 1472, European Central Bank.
- Agnès Bénassy-Quéré & Benoît Mojon & Armand-Denis Schor, 1998. "The International Role of the Euro," Working Papers 1998-03, CEPII research center.
- Barbara Dluhosch, 2011. "European Economics at a Crossroads, by J. Barkley Rosser, Jr., Richard P. F. Holt, and David Colander," Journal of Regional Science, Wiley Blackwell, vol. 51(3), pages 629-631, August.
More about this item
Keywords
Fiscal cushion; Policy Reaction Functions; Stochastic simulations; Monetary union;All these keywords.
JEL classification:
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
NEP fields
This paper has been announced in the following NEP Reports:- NEP-IFN-2001-02-27 (International Finance)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ukc:ukcedp:0101. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr Anirban Mitra (email available below). General contact details of provider: https://www.kent.ac.uk/economics/ .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.