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Fiscal consolidation in the euro area: long-run benefits and short-run costs

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Cited by:

  1. George Economides & Apostolis Philippopoulos & Petros Varthalitis, 2016. "Monetary Union, Even Higher Integration, or Back to National Currencies?," CESifo Economic Studies, CESifo Group, vol. 62(2), pages 232-255.
  2. Kasun Kumarasiri & Ruchira L Weerasekara & Chaturika Ranaweera and Tilak Liyanaarachchi, 2019. "Revenue Based Fiscal Consolidation and Economic Growth in Sri Lanka," Discussion Papers in Economics economics:201904, Griffith University, Department of Accounting, Finance and Economics.
  3. Caroline Bozou & Jérôme Creel, 2023. "Comparing different features of a fiscal stimulus in the euro area," SciencePo Working papers Main hal-04122087, HAL.
  4. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos & Vanghelis Vassilatos, 2013. "Smaller Public Sectors in the Euro Area: Aggregate and Distributional Implications," CESifo Economic Studies, CESifo Group, vol. 59(3), pages 536-558, September.
  5. Mr. Daniel S Kanda, 2011. "Modeling Optimal Fiscal Consolidation Paths in a Selection of European Countries," IMF Working Papers 2011/164, International Monetary Fund.
  6. Warne, Anders & Coenen, Günter & Christoffel, Kai, 2008. "The new area-wide model of the euro area: a micro-founded open-economy model for forecasting and policy analysis," Working Paper Series 944, European Central Bank.
  7. Futagami, Koichi & Konishi, Kunihiko, 2018. "Dynamic analysis of budget policy rules in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 50(C), pages 72-88.
  8. Philippopoulos, Apostolis & Varthalitis, Petros & Vassilatos, Vanghelis, 2015. "Optimal fiscal and monetary policy action in a closed economy," Economic Modelling, Elsevier, vol. 48(C), pages 175-188.
  9. Basto, R. & Gomes, S. & Lima, D., 2019. "Exploring the implications of different loan-to-value macroprudential policy designs," Journal of Policy Modeling, Elsevier, vol. 41(1), pages 66-83.
  10. Michał Brzoza-Brzezina & Pascal Jacquinot & Marcin Kolasa, 2014. "Can We Prevent Boom-Bust Cycles During Euro Area Accession?," Open Economies Review, Springer, vol. 25(1), pages 35-69, February.
  11. Christian Dreger, 2017. "Long-term growth perspectives in Japan and the Euro area," Asia Europe Journal, Springer, vol. 15(4), pages 363-375, December.
  12. Simon Voigts, 2016. "VAT multipliers and pass-through dynamics," SFB 649 Discussion Papers SFB649DP2016-026, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  13. Alari PaulusBy & Francesco Figari & Holly Sutherland, 2017. "The design of fiscal consolidation measures in the European Union: distributional effects and implications for macro-economic recovery," Oxford Economic Papers, Oxford University Press, vol. 69(3), pages 632-654.
  14. Maebayashi, Noritaka & Hori, Takeo & Futagami, Koichi, 2017. "Dynamic Analysis Of Reductions In Public Debt In An Endogenous Growth Model With Public Capital," Macroeconomic Dynamics, Cambridge University Press, vol. 21(6), pages 1454-1483, September.
  15. Sandra Gomes & Pascal Jacquinot & Matthias Mohr & Massimiliano Pisani, 2013. "Structural Reforms and Macroeconomic Performance in the Euro Area Countries: A Model-Based Assessment," International Finance, Wiley Blackwell, vol. 16(1), pages 23-44, February.
  16. Massimiliano Pisani & Andrea Gerali & Lorenzo Forni, 2008. "The macroeconomics of fiscal consolidations in a Monetary Union: the case of Italy," 2008 Meeting Papers 863, Society for Economic Dynamics.
  17. Castro, Vítor, 2017. "The impact of fiscal consolidations on the functional components of government expenditures," Economic Modelling, Elsevier, vol. 60(C), pages 138-150.
  18. Bas van Aarle & Bas Van Aarle, 2012. "Macroeconomic Fluctuations in a Stylized DSGE Model with Disequilibrium Dynamics," CESifo Working Paper Series 4017, CESifo.
  19. Ferrara, Maria & Garofalo, Antonio & Agovino, Massimiliano, 2020. "Disinflation costs in China and monetary policy regimes," Economic Modelling, Elsevier, vol. 93(C), pages 586-594.
  20. Nebile KORUCU GUMUSOGLU & Julide YILDIRIM & Semsettin KARASU, 2010. "The Effect of Civilian Unemploment on Reenlistment Decision in Turkish Armed Forces," EcoMod2010 259600095, EcoMod.
  21. Cole, Alexandre Lucas & Guerello, Chiara & Traficante, Guido, 2023. "Government debt deleveraging in the EMU," International Economics, Elsevier, vol. 173(C), pages 296-324.
  22. Kolasa, Marcin, 2014. "Real convergence and its illusions," Economic Modelling, Elsevier, vol. 37(C), pages 79-88.
  23. Bertrand Gruss & Mr. Jose L. Torres, 2012. "Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances," IMF Working Papers 2012/038, International Monetary Fund.
  24. Bas van Aarle, 2013. "Structural reforms and fiscal adjustments: policy options for the euro area," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 16(4), pages 320-335, December.
  25. Zuzana Mucka & Michal Horvath, 2015. "Fiscal Policy Matters A New DSGE Model for Slovakia," Discussion Papers Discussion Paper No. 1/20, Council for Budget Responsibility.
  26. Gianluca Cafiso & Roberto Cellini, 2014. "Fiscal consolidations and public debt in Europe," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 21(4), pages 614-644, August.
  27. Maoshan Tian & Huw Dixon, 2022. "The variances of non-parametric estimates of the cross-sectional distribution of durations," Econometric Reviews, Taylor & Francis Journals, vol. 41(10), pages 1243-1264, November.
  28. Carlos Rondón-Moreno, 2022. "Debt and Taxes: Optimal Fiscal Consolidation in the Small Open Economy," Working Papers Central Bank of Chile 941, Central Bank of Chile.
  29. Maria Ferrara & Patrizio Tirelli, 2014. "Fiscal Consolidations: Can We Reap the Gain and Escape the Pain?," Working Papers 283, University of Milano-Bicocca, Department of Economics, revised Oct 2014.
  30. Severine Menguy, 2019. "Efficiency of Cuts in Various Taxation Rates to Foster Economic Growth in a Framework of Wages Rigidity," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 5(1), pages 1-36, January.
  31. Jocelyn Boussard & Benoît Campagne, 2017. "Fiscal policy coordination in a monetary union at the zero lower bound," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 494-495-4, pages 65-90.
  32. Maebayashi, Noritaka, 2023. "The pace of fiscal consolidations, fiscal sustainability, and welfare: An overlapping generations approach," Journal of Macroeconomics, Elsevier, vol. 75(C).
  33. Forni, Lorenzo & Gerali, Andrea & Pisani, Massimiliano, 2010. "The macroeconomics of fiscal consolidations in euro area countries," Journal of Economic Dynamics and Control, Elsevier, vol. 34(9), pages 1791-1812, September.
  34. Richard McManus & F Gulcin Ozkan & Dawid Trzeciakiewicz, 2021. "Fiscal consolidations and distributional effects: which form of fiscal austerity is least harmful?," Oxford Economic Papers, Oxford University Press, vol. 73(1), pages 317-349.
  35. Charles Amo Yartey & Mr. Machiko Narita & Mr. Shelton M Nicholls & Mr. Joel Chiedu Okwuokei, 2012. "The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean," IMF Working Papers 2012/276, International Monetary Fund.
  36. Fabio Canova & Evi Pappa, 2011. "Fiscal policy, pricing frictions and monetary accommodation [Expansionary fiscal consolidations in Europe: New evidence]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 26(68), pages 555-598.
  37. Hounaida Daly & Taha Khairy Taha Ibrahim, 2023. "Stability and performance of monetary and fiscal policies in the euro area," International Journal of Applied Economics, Finance and Accounting, Online Academic Press, vol. 16(2), pages 208-221.
  38. repec:prs:ecstat:estat_0336-1454_2017_num_494_1_10782 is not listed on IDEAS
  39. Vitor M. Carvalho & Manuel M. F. Martins, 2011. "Macroeconomic effects of fiscal consolidations in a DSGE model for the Euro Area: does composition matter?," FEP Working Papers 421, Universidade do Porto, Faculdade de Economia do Porto.
  40. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos, 2020. "Macroeconomic Policy Lessons for Greece from the Debt Crisis," CESifo Working Paper Series 8188, CESifo.
  41. Dmitri Blueschke & Viktoria Blueschke-Nikolaeva & Reinhard Neck & Klaus Weyerstrass, 2012. "Macroeconomic Policies for Slovenia after the “Great Recession”," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 2(2), pages 54-93, December.
  42. Stelios Sakkas & Petros Varthalitis, 2021. "Public Debt Consolidation and its Distributional Effects," Manchester School, University of Manchester, vol. 89(S1), pages 131-174, September.
  43. Dennis Bonam & Jasper Lukkezen, 2013. "Government Spending Shocks, Sovereign Risk and the Exchange Rate Regime," Tinbergen Institute Discussion Papers 13-212/VI, Tinbergen Institute, revised 09 Jan 2013.
  44. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos, 2017. "The driving forces of the current Greek great depression," Working Papers 201703, Athens University Of Economics and Business, Department of Economics.
  45. Cole, Alexandre Lucas & Guerello, Chiara & Traficante, Guido, 2020. "One Emu Fiscal Policy For The Euro," Macroeconomic Dynamics, Cambridge University Press, vol. 24(6), pages 1437-1477, September.
  46. Gomes, S. & Jacquinot, P. & Pisani, M., 2016. "Fiscal devaluation in the euro area: A model-based analysis," Economic Modelling, Elsevier, vol. 52(PA), pages 58-70.
  47. Gomes, S. & Jacquinot, P. & Mestre, R. & Sousa, J., 2015. "Global policy at the zero lower bound in a large-scale DSGE model," Journal of International Money and Finance, Elsevier, vol. 50(C), pages 134-153.
  48. Lect. Anca Tănasie Ph.D, 2010. "A Brief Assesment Of The Monetary Situation In Romania During The Financial Crises And Facing The Euro Adoption," Revista Tinerilor Economisti (The Young Economists Journal), University of Craiova, Faculty of Economics and Business Administration, vol. 1(15S), pages 11-20, November.
  49. Séverine Menguy, 2017. "On the efficiency of various expansionary fiscal policies and cuts in taxation rates in order to sustain economic activity," Bulletin of Applied Economics, Risk Market Journals, vol. 4(2), pages 1-36.
  50. Ferrara, Maria & Tirelli, Patrizio, 2017. "Equitable fiscal consolidations," Economic Modelling, Elsevier, vol. 61(C), pages 207-223.
  51. Apostolis Philippopoulos & Petros Varthalitis & Vanghelis Vassilatos, 2017. "Fiscal Consolidation in an Open Economy with Sovereign Premia and without Monetary Policy Independence," International Journal of Central Banking, International Journal of Central Banking, vol. 13(4), pages 259-306, December.
  52. Papageorgiou, Dimitris & Vourvachaki, Evangelia, 2017. "Macroeconomic effects of structural reforms and fiscal consolidations: Trade-offs and complementarities," European Journal of Political Economy, Elsevier, vol. 48(C), pages 54-73.
  53. Ciminelli, Gabriele & Ernst, Ekkehard & Merola, Rossana & Giuliodori, Massimo, 2019. "The composition effects of tax-based consolidation on income inequality," European Journal of Political Economy, Elsevier, vol. 57(C), pages 107-124.
  54. Dufrénot G. & Paul L., 2010. "Fiscal developments in the euro area beyond the crisis: some lessons drawn from fiscal reaction functions," Working papers 292, Banque de France.
  55. Wolters, Maik, 2013. "Möglichkeiten und Grenzen von makroökonomischen Modellen zur (exante) Evaluierung wirtschaftspolitischer Maßnahmen," Working Papers 05/2013, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
  56. Reinhard Neck & Klaus Weyerstrass & Dmitri Blueschke & Miroslav Verbič, 2021. "Demand-side or supply-side stabilisation policies in a small euro area economy: a case study for Slovenia," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 48(3), pages 593-610, August.
  57. Maebayashi, Noritaka, 2021. "Paces of fiscal consolidations, fiscal sustainability, and welfare: An overlapping generations approach," MPRA Paper 109059, University Library of Munich, Germany.
  58. Vanda Almeida & Gabriela Castro & Ricardo Mourinho Félix & José R. Maria, 2013. "Fiscal Consolidation in a Small Euro-Area Economy," International Journal of Central Banking, International Journal of Central Banking, vol. 9(4), pages 1-38, December.
  59. Reicher, Claire, 2014. "Systematic fiscal policy and macroeconomic performance: A critical overview of the literature," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 8, pages 1-37.
  60. Mr. Salvatore Dell'Erba & Mr. Marcos Poplawski Ribeiro & Ksenia Koloskova, 2014. "Medium-Term Fiscal Multipliers during Protracted Recessions," IMF Working Papers 2014/213, International Monetary Fund.
  61. Dennis Bonam & Jasper Lukkezen, 2013. "Government Spending Shocks, Sovereign Risk and the Exchange Rate Regime," Tinbergen Institute Discussion Papers 13-212/VI, Tinbergen Institute, revised 09 Jan 2013.
  62. P. Campoy-Muñoz & M. A. Cardenete & F. J. De Miguel-Vélez & J. Pérez-Mayo, 2022. "How does fiscal austerity impact on poverty and inequality? The Spanish case," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 39(3), pages 715-737, October.
  63. Xiaoshan Chen & Spyridon Lazarakis & Petros Varthalitis, 2023. "Debt targets and fiscal consolidation in a two-country HANK model for the Euro Area," Working Papers 374162075, Lancaster University Management School, Economics Department.
  64. Vitor Carvalho & Manuel M. F. Martins, 2011. "Investment and output effects of fiscal consolidations in a new-Keynesian DSGE model for the Euro Area: composition matters?," EcoMod2011 3246, EcoMod.
  65. Ante Žigman & Boris Cota, 2011. "The impact of fiscal policy on government bond spreads in emerging markets," Financial Theory and Practice, Institute of Public Finance, vol. 35(4), pages 385-412.
  66. Philippopoulos, Apostolis & Varthalitis, Petros & Vassilatos, Vanghelis, 2017. "Fiscal consolidation and its cross-country effects," Journal of Economic Dynamics and Control, Elsevier, vol. 83(C), pages 55-106.
  67. Dimitris Malliaropulos & Dimitris Papageorgiou & Melina Vasardani & Evangelia Vourvachaki, 2021. "The impact of the Recovery and Resilience Facility on the Greek economy," Economic Bulletin, Bank of Greece, issue 53, pages 7-28, July.
  68. Dell'Erba, Salvatore & Koloskova, Ksenia & Poplawski-Ribeiro, Marcos, 2018. "Medium-term fiscal multipliers during protracted economic contractions," Journal of Macroeconomics, Elsevier, vol. 56(C), pages 35-52.
  69. Philip Arestis & Ayşe Kaya & Hüseyin Şen, 2018. "Does fiscal consolidation promote economic growth and employment? Evidence from the PIIGGS countries," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 15(3), pages 289-312, November.
  70. Moura, Guilherme Valle, 2015. "Multiplicadores Fiscais e Investimento em Infraestrutura," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 69(1), March.
  71. George Economides & Anastasio Xepapadeas, 2019. "The effects of climate change on a small open economy," CESifo Working Paper Series 7582, CESifo.
  72. Reinhard Neck & Dmitri Blueschke & Klaus Weyerstrass, 2013. "Trade-Off of Fiscal Austerity in the European Debt Crisis in Slovenia," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 19(4), pages 367-380, November.
  73. Cardani, Roberta & Menna, Lorenzo & Tirelli, Patrizio, 2020. "The Optimal Policy Mix To Achieve Public Debt Consolidation," Macroeconomic Dynamics, Cambridge University Press, vol. 24(1), pages 113-129, January.
  74. Papageorgiou, Dimitris, 2012. "Fiscal policy reforms in general equilibrium: The case of Greece," Journal of Macroeconomics, Elsevier, vol. 34(2), pages 504-522.
  75. Scheer, Alexander, 2015. "Debt consolidation with long-term debt," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112874, Verein für Socialpolitik / German Economic Association.
  76. R.D. Asanka Maithreerathna & P. Chamika Mummullage & Athula Naranpanawa & Chandika Gunasinghe, 2019. "An Empirical Analysis of the Impact of Total Debt on the Economic Growth of Sri Lanka," Discussion Papers in Economics economics:201903, Griffith University, Department of Accounting, Finance and Economics.
  77. Dmitri Blueschke & Klaus Weyerstrass & Reinhard Neck & Boris Majcen & Andrej Srakar & Miroslav Verbič, 2019. "Budget consolidation in a small open economy: a case study for Slovenia," Post-Communist Economies, Taylor & Francis Journals, vol. 31(3), pages 325-348, May.
  78. Szilárd Benk & Zoltán M. Jakab, 2012. "Non-Keynesian Effects of Fiscal Consolidation: An Analysis with an Estimated DSGE Model for the Hungarian Economy," OECD Economics Department Working Papers 945, OECD Publishing.
  79. Robert Ambrisko & Vitezslav Augusta & Dana Hajkova & Petr Kral & Pavla Netusilova & Milan Rikovsky & Pavel Soukup, 2012. "Fiscal Discretion in the Czech Republic in 2001-2011: Has It Been Stabilizing?," Research and Policy Notes 2012/01, Czech National Bank.
  80. Sakkas, Stelios & Varthalitis, Petros, 2018. "The (intertemporal) equity-efficiency trade-off of fiscal consolidation," MPRA Paper 90983, University Library of Munich, Germany.
  81. Maebayashi, Noritaka, 2021. "The pace of fiscal consolidations, fiscal sustainability, and welfare: An overlapping generations approach," MPRA Paper 112593, University Library of Munich, Germany, revised 30 Feb 2022.
  82. Schwarzmüller, Tim & Wolters, Maik H., 2014. "The macroeconomic effects of fiscal consolidation in dynamic general equilibrium," Kiel Working Papers 1963, Kiel Institute for the World Economy (IfW Kiel).
  83. Tian, Maoshan & Dixon, Huw David, 2018. "The Cross-sectional Distribution of Completed Lifetimes: Some New Inferences from Survival Analysis," Cardiff Economics Working Papers E2018/27, Cardiff University, Cardiff Business School, Economics Section.
  84. Gianluca Cafiso & Roberto Cellini, 2012. "Evidence on Fiscal Consolidations and the Evolution of Public Debt in Europe," CESifo Working Paper Series 4027, CESifo.
  85. George Economides & Apostolis Philippopoulos & Stylianos Sakkas, 2021. "Redistributive policies in general equilibrium," JRC Working Papers on Territorial Modelling and Analysis 2021-08, Joint Research Centre.
  86. Wolters, Maik & Schwarzmüller, Tim, 2014. "The short- and long-run effects of fiscal consolidation in dynamic general equilibrium," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100445, Verein für Socialpolitik / German Economic Association.
  87. Charl Jooste & Marina Marinkov, 2012. "South Africa'S Transition To A Consolidated Budget," South African Journal of Economics, Economic Society of South Africa, vol. 80(2), pages 181-199, June.
  88. Eric Mayer & Nikolai Stähler, 2013. "The debt brake: business cycle and welfare consequences of Germany’s new fiscal policy rule," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 40(1), pages 39-74, February.
  89. Klaus Weyerstrass & Rijad Kovac, 2023. "Fiscal policies in the Federation of Bosnia and Herzegovina: are spending or revenue measures more effective?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 50(1), pages 173-206, February.
  90. Dimitris Papageorgiou & Evangelia Vourvachaki, 2015. "The Macroeconomic Impact of Structural Reforms in Product and Labour Markets: Trade-Offs and Complementarities," Working Papers 197, Bank of Greece.
  91. Fernández-de-Córdoba, Gonzalo & Torres, José L., 2012. "Fiscal harmonization in the European Union with public inputs," Economic Modelling, Elsevier, vol. 29(5), pages 2024-2034.
  92. Roberta, Cardani & Lorenzo, Menna & Patrizio, Tirelli, 2016. "Optimal Public Debt Consolidation with Distributional Conflicts," Working Papers 350, University of Milano-Bicocca, Department of Economics, revised 05 Oct 2016.
  93. Bas Aarle, 2017. "Macroeconomic fluctuations in a New Keynesian disequilibrium model," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 6(1), pages 1-20, December.
  94. Savina Princen & Gilles Mourre, 2013. "The role of tax policy in times of fiscal consolidation," European Economy - Economic Papers 2008 - 2015 502, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  95. Eugene Msizi BUTHELEZI, 2023. "Impact of Fiscal Consolidation on Government Debt in South Africa: Evidence to Structural and Cyclical Effect," Journal of Economics and Financial Analysis, Tripal Publishing House, vol. 7(2), pages 1-23.
  96. Alessandro Turrini, 2008. "Fiscal policy and the cycle in the Euro Area: The role of government revenue and expenditure," European Economy - Economic Papers 2008 - 2015 323, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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