Fiscal policy shocks in the euro area and the US: an empirical assessment
Pablo Burriel (),
Francisco de Castro Fernández (),
Daniel Garrote (),
Esther Gordo (),
Joan Paredes () and
Javier Pérez ()
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Daniel Garrote: Banco de España
No 930, Working Papers from Banco de España, Working Papers Homepage
We analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US, we use a standard structural VAR framework, and study the impact of aggregated and disaggregated government spending and net taxes shocks. In addition, to frame euro area results, we apply the same methodology for the same sample period to US data. We also explore the sensitivity of the provided results to the inclusion of variables aiming at measuring "financial stress" (increases in risk) and "fiscal stress" (sustainability concerns). Analysing US and euro area data with a common methodology provides some interesting insights on the interpretation of fiscal policy shocks.
Keywords: euro area; svar; fiscal shocks; fiscal multipliers (search for similar items in EconPapers)
JEL-codes: E62 H30 (search for similar items in EconPapers)
Pages: 41 pages
New Economics Papers: this item is included in nep-cba, nep-eec and nep-mac
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http://www.bde.es/f/webbde/SES/Secciones/Publicaci ... o/09/Fic/dt0930e.pdf First version, December 2009 (application/pdf)
Journal Article: Fiscal Policy Shocks in the Euro Area and the US: An Empirical Assessment (2010)
Working Paper: Fiscal policy shocks in the euro area and the US: an empirical assessment (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:0930
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