Non-Keynesian fiscal adjustments? A close look at expansionary fiscal consolidations in the EU

Open Economies Review

Volumn 18, Issue 5, 2007, Pages 613-630

  Giudice, Gabriele ^a   Turrini, Alessandro ^a,b   In't Veld, Jan ^a  

^a EUROPEAN COMMISSION   (Belgium)

^b CEPR   (United Kingdom)

Author keywords

EU fiscal policy; Fiscal consolidations; Non Keynesian effects of fiscal policy

Indexed keywords

EUROPEAN UNION; FISCAL POLICY; KEYNESIAN THEORY; REGRESSION ANALYSIS;

EID: 34848841458     PISSN: 09237992     EISSN: None     Source Type: Journal    
DOI: 10.1007/s11079-007-9026-8     Document Type: Article

References (22)

1. Alesina A, Ardagna S (1998) Tales of fiscal adjustment. Econ Policy 27:489-545
2. Alesina A, Perotti R, Tavares J (1998) The political economy of fiscal adjustments. Brookings Pap Econ Act 1:197-266
3. Alesina A, Ardagna S, Perotti R, Schiantarelli, F (2002) Fiscal policy, profits, and investment. Am Econ Rev 92:571-589
4. Bertola G, Drazen A (1993) Trigger points and budget cuts: Explaining the effects of fiscal austerity. Am Econ Rev 83:1170-1188
5. Blanchard O (1990) Comment on Giavazzi and Pagano. In: Blanchard O, Fischer S (eds) NBER macroecomics annual. MIT, Cambridge MA
6. Blanchard O, Perotti R (2002) An empirical characterization of the dynamic effects of changes in government spending and taxes on output. Q J Econ k117:1329-1368
7. Cotis JP, l'Horty Y, Meary R (1998) Les stabilisateurs automatiques sont-ils encore efficaces: Le cas de la France dans les annees quatre-vingt-dix. Rev Econ Financ 45:95-118
8. Cour P, Dubois E, Mahfouz S, Pisany-Ferry J (1996) The cost of fiscal retrechment revisited: How strong is the evidence? Institut National de la Statistique et des Etudes Economiques, Série des Documents de Travail, G9612
9. Feldstein M (1982) Government deficits and aggregate demand. J Monet Econ 9:1-20
10. Giavazzi F, Pagano M (1990) Can severe fiscal contractions be expansionary? Tales of two small European countries. NBER Macroeconomics Annual 5:75-111
11. Giavazzi F, Pagano M (1996) Non-Keynesian effects of fiscal policy changes: International evidence and the Swedish experience. Swed Econ Policy Rev 3(3):67-103
12. Giavazzi F, Jappelli T, Pagano M (2000) Searching for non-linear effects of fiscal policy: Evidence for industrial and developing countries. Eur Econ Rev 44:1269-1289
13. Giavazzi F, Jappelli T, Pagano M, Benedetti M (2005) Searching for non-monotonic effects of fiscal policy: New evidence, NBER Working Paper no. 11593
14. Giudice G, Turrini A, In't Veld J (2004), Non-Keynesian fiscal consolidations in the EU? Ex-post evidence and ex-ante analysis, CEPR Discussion Paper no. 4338
15. Hogan V, (2004), Expansionary fiscal contractions? Evidence from panel data. Scand J Econ 106:647-659
16. McDermott CJ, Westcott RF (1996) An empirical analysis of fiscal adjustment. IMF Staff Pap 43:725-753
17. OECD (1996) OECD economic outlook. Paris, OECD
18. Perotti R (1999) Fiscal policy in good times and bad. Q J Econ 114:1399-1436
19. Perotti R (2005) Estimating the effects of fiscal policy in OECD countries Proceedings. Federal Reserve Bank of San Francisco
20. Sutherland A (1997) Fiscal crises and aggregate demand: Can high public debt reverse the effects of fiscal policy? J Public Econ 65:147-162
21. van Aarle B, Garretsen H (2003) Keynesian, non-Keynesian, or no effects of fiscal policy changes? The EMU case. J Macroecon 25:213-240
22. Von Hagen J, Hughes Hallet A, Strauch R (2001) Budgetary consolidation in EMU. European Commission, Economic Papers 148