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The effects of fiscal institutions on fiscal adjustments
2022Using a panel of 40 advanced economies over the period 1990-2020 this paper investigates the effect of various characteristics of fiscal councils and fiscal rules on the probability of starting a fiscal adjustment, as well as on the probability that this fiscal adjustment will be successful.
Christos Chrysanthakopoulos +1 more
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The Signaling Effects of Fiscal Announcements
SSRN Electronic Journal, 2022Fiscal announcements may transfer information about the government's view of the macroeconomic outlook to the private sector, diminishing the effectiveness of fiscal policy as a stabilization tool. We construct a novel dataset that combines daily data on Japanese stock prices with narrative records from press releases about a set of extraordinary ...
Melosi, Leonardo +2 more
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Market Structure and Fiscal Policy Effectiveness [PDF]
The Scandinavian Journal of Economics, 2001 In a monopolistic competition macromodel with endogenous market structure, the fiscal multiplier is shown to consist of two components. The first depicts the response of output to a fiscal expansion through the conventional channels that disregard the role of market imperfections. The second component captures the effects of firms' market power as well
Zhang, J, Molana, H
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Debt-dependent effects of fiscal expansions
European Economic Review, 2016Abstract Economists often postulate that fiscal expansions are less stimulative when government debt is high than when it is low. Empirical evidence, however, is ambiguous. Using a nonlinear neoclassical growth model, we show that the difference in government spending effects between high- and low-debt environments depends on the wealth effect on ...
Huixin Bi, Wenyi Shen, ShuuChun S. Yang
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Quantitative Effects of Fiscal Foresight [PDF]
American Economic Journal: Economic Policy, 2012 Legislative and implementation lags imply that substantial time evolves between when news arrives about fiscal changes and when the changes actually take place—time when households and firms can adjust their behavior. We identify two types of fiscal news—government spending using the Survey of Professional Forecasters and taxes using the municipal bond
Eric M. Leeper +2 more
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The fiscal effects of political tenure
Journal of Economic Behavior & OrganizationWe investigate how the tenure of ruling parties and coalitions shapes government spending through intra-governmental negotiations. We assemble a comprehensive dataset covering four decades and including both established and emerging democracies to develop a novel measure of accumulated tenure in office for ruling parties or coalitions since the ...
Andrea Cintolesi +2 more
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