In search of the Euro area fiscal stance

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• 作者：Alice Albonico^a ; ^{alice.albonico@unimib.it} ; Alessia Paccagnini^b ; ^{alessia.paccagnini@ucd.ie} ; Patrizio Tirelli^a ; ^{patrizio.tirelli@unimib.it}
• 关键词：DSGE ; Limited asset market participation ; Bayesian estimation ; Euro area ; Business cycle ; Monetary policy ; Fiscal policy
• 刊名：Journal of Empirical Finance
• 出版年：2016
• 出版时间：December 2016
• 年：2016
• 卷：39
• 期：part_PB
• 页码：254-264
• 全文大小：1438 K
• 卷排序：39

文摘

We investigate the role of fiscal policies over the aggregate EMU business cycle. We estimate large multipliers for public consumption and transfers. Fiscal policies played a limited role even during the post 2007 period. Lower GDP growth caused the post-2007 surge in public-expenditure-to-GDP ratios.