메뉴 건너뛰기




Volumn 26, Issue 68, 2011, Pages 599-647

Assessing the fiscal stance in the European Union and the United States, 1970-2011

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMETRICS; ECONOMIC GROWTH; EUROPEAN UNION; EXPENDITURE; FINANCIAL CRISIS; FISCAL POLICY; GROSS DOMESTIC PRODUCT; INFLATION; NUMERICAL MODEL; POLICY MAKING; TIME SERIES ANALYSIS;

EID: 80053513754     PISSN: 02664658     EISSN: 14680327     Source Type: Journal    
DOI: 10.1111/j.1468-0327.2011.00270.x     Document Type: Article
Times cited : (25)

References (60)
  • 1
    • 80053549142 scopus 로고    scopus 로고
    • A historical public debt database', International Monetary Fund Working Paper No. 245, Washington.
    • Abbas, S.A., N. Belhocine, A. Elganainy and M. Horton (2010). 'A historical public debt database', International Monetary Fund Working Paper No. 245, Washington.
    • (2010)
    • Abbas, S.A.1    Belhocine, N.2    Elganainy, A.3    Horton, M.4
  • 2
    • 80053551018 scopus 로고    scopus 로고
    • Fiscal sustainability and policy implications for the Euro area', European Central Bank Working Paper No. 994, Brussels.
    • Balassone, F., J. Cunha, G. Langenus, B. Manzke, J. Pavot, D. Prammer and P. Tommasino (2009). 'Fiscal sustainability and policy implications for the Euro area', European Central Bank Working Paper No. 994, Brussels.
    • (2009)
    • Balassone, F.1    Cunha, J.2    Langenus, G.3    Manzke, B.4    Pavot, J.5    Prammer, D.6    Tommasino, P.7
  • 3
    • 0000841798 scopus 로고
    • On the determination of the public debt
    • Barro, R.J. (1979). 'On the determination of the public debt', Journal of Political Economy, 87, 940-71.
    • (1979) Journal of Political Economy , vol.87 , pp. 940-971
    • Barro, R.J.1
  • 4
    • 0002024732 scopus 로고
    • The Ricardian approach to budget deficit
    • Barro, R.J. (1989). 'The Ricardian approach to budget deficit', Journal of Economic Perspectives, 3, 37-54.
    • (1989) Journal of Economic Perspectives , vol.3 , pp. 37-54
    • Barro, R.J.1
  • 5
    • 0034107080 scopus 로고    scopus 로고
    • Interest rates, exchange rates and the present value models of the current account
    • Bergin, P.R. and S.M. Shefrin (2000). 'Interest rates, exchange rates and the present value models of the current account', The Economic Journal, 110(4), 535-58.
    • (2000) The Economic Journal , vol.110 , Issue.4 , pp. 535-558
    • Bergin, P.R.1    Shefrin, S.M.2
  • 7
    • 21844489523 scopus 로고
    • The sustainability of budget deficits in a stochastic economy
    • Bohn, H. (1995). 'The sustainability of budget deficits in a stochastic economy', Journal of Money, Credit, and Banking, 27, 257-71.
    • (1995) Journal of Money, Credit, and Banking , vol.27 , pp. 257-271
    • Bohn, H.1
  • 8
    • 0039658649 scopus 로고    scopus 로고
    • The behavior of U.S. public debt and deficits
    • Bohn, H. (1998). 'The behavior of U.S. public debt and deficits', The Quarterly Journal of Economics, 113, 949-63.
    • (1998) The Quarterly Journal of Economics , vol.113 , pp. 949-963
    • Bohn, H.1
  • 9
    • 0036866084 scopus 로고    scopus 로고
    • 'An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output
    • Blanchard, O. and R. Perotti (2002). 'An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output', Quarterly Journal of Economics, 107(4), 1329-1368.
    • (2002) Quarterly Journal of Economics , vol.107 , Issue.4 , pp. 1329-1368
    • Blanchard, O.1    Perotti, R.2
  • 10
    • 34548833034 scopus 로고    scopus 로고
    • 'Are stationarity and cointegration restrictions really necessary for the intertemporal budget constraint?
    • Bohn, H. (2007). 'Are stationarity and cointegration restrictions really necessary for the intertemporal budget constraint?, Journal of Monetary Economics, 54(7), 1837-47.
    • (2007) Journal of Monetary Economics , vol.54 , Issue.7 , pp. 1837-1847
    • Bohn, H.1
  • 11
    • 0002272439 scopus 로고
    • A guide to public sector debt and deficit
    • Buiter, W.H. (1985). 'A guide to public sector debt and deficit', Economic Policy, 1(1), 13-79.
    • (1985) Economic Policy , vol.1 , Issue.1 , pp. 13-79
    • Buiter, W.H.1
  • 12
    • 0002149993 scopus 로고
    • Excessive deficits: sense and nonsense in the Treaty of Maastricht
    • Buiter, W.H., G. Corsetti and N. Roubini (1993). 'Excessive deficits: sense and nonsense in the Treaty of Maastricht', Economic Policy, 16, 57-100.
    • (1993) Economic Policy , vol.16 , pp. 57-100
    • Buiter, W.H.1    Corsetti, G.2    Roubini, N.3
  • 13
    • 84936220056 scopus 로고
    • Cointegration and tests of present value models
    • Campbell, J.Y. and R.J. Shiller (1987). 'Cointegration and tests of present value models', Journal of Political Economy, 95, 1062-88.
    • (1987) Journal of Political Economy , vol.95 , pp. 1062-1088
    • Campbell, J.Y.1    Shiller, R.J.2
  • 14
    • 0000007521 scopus 로고
    • The dividend-price ratio and expectations of future dividends and discount factors
    • Campbell, J.Y. and R.J. Shiller (1988). 'The dividend-price ratio and expectations of future dividends and discount factors', Review of Financial Studies, 1, 195-227.
    • (1988) Review of Financial Studies , vol.1 , pp. 195-227
    • Campbell, J.Y.1    Shiller, R.J.2
  • 15
    • 84959821636 scopus 로고
    • Yield spreads and interest rate movements: A bird's eye view
    • Campbell, J.Y. and R.J. Shiller (1991). 'Yield spreads and interest rate movements: A bird's eye view', Review of Economic Studies, 58, 495-514.
    • (1991) Review of Economic Studies , vol.58 , pp. 495-514
    • Campbell, J.Y.1    Shiller, R.J.2
  • 16
    • 80053510771 scopus 로고    scopus 로고
    • Should the European Central Bank and the Federal Reserve Be Concerned About Fiscal Policy?' in Rethinking Stabilization Policy, Federal Reserve Bank of Kansas City.
    • Canzoneri, M., R. Cumby and B. Diba (2002). 'Should the European Central Bank and the Federal Reserve Be Concerned About Fiscal Policy?' in Rethinking Stabilization Policy, Federal Reserve Bank of Kansas City.
    • (2002)
    • Canzoneri, M.1    Cumby, R.2    Diba, B.3
  • 17
    • 78650232838 scopus 로고    scopus 로고
    • 'The interaction between monetary and fiscal policy'
    • in B.M. Friedman and M. Woodford (eds.), North-Holland, Amsterdam.
    • Canzoneri, M., R. Cumby and B. Diba (2010). 'The interaction between monetary and fiscal policy', in B.M. Friedman and M. Woodford (eds.), Handbook of Monetary Economics, vol. 3, North-Holland, Amsterdam.
    • (2010) Handbook of Monetary Economics , vol.3
    • Canzoneri, M.1    Cumby, R.2    Diba, B.3
  • 19
    • 80053500406 scopus 로고    scopus 로고
    • What has financed government debt?', NBER Working Paper No. 13425.
    • Chung, H. and E. Leeper (2007). 'What has financed government debt?', NBER Working Paper No. 13425.
    • (2007)
    • Chung, H.1    Leeper, E.2
  • 20
    • 67649383111 scopus 로고    scopus 로고
    • 'Forecasting with breaks'
    • and , in G. Elliott, C.W.J. Granger and A. Timmermann (eds.), Elsevier, Amsterdam
    • Clements, M.P. and D.F. Hendry (2006), 'Forecasting with breaks', in G. Elliott, C.W.J. Granger and A. Timmermann (eds.), Handbook of Economic Forecasting, Elsevier, Amsterdam, pp. 605-57.
    • (2006) Handbook of Economic Forecasting , pp. 605-657
    • Clements, M.P.1    Hendry, D.F.2
  • 21
    • 80053545815 scopus 로고    scopus 로고
    • Congressional Budget Office. 'Menu of Social Security options', Washington
    • Congressional Budget Office (2005). 'Menu of Social Security options', Washington, .
    • (2005)
  • 22
    • 80053524353 scopus 로고    scopus 로고
    • A strategy for renormalizing fiscal and monetary policies in advanced economies', IMF Staff Position Note 09/22, Washington.
    • Cottarelli, C. and J. Viñals (2009). 'A strategy for renormalizing fiscal and monetary policies in advanced economies', IMF Staff Position Note 09/22, Washington.
    • (2009)
    • Cottarelli, C.1    Viñals, J.2
  • 23
    • 80053484193 scopus 로고    scopus 로고
    • Analysing the sustainability of fiscal deficits in developing countries', World Bank Policy Research Working Paper No. 1784.
    • Cuddington, J.T. (1997). 'Analysing the sustainability of fiscal deficits in developing countries', World Bank Policy Research Working Paper No. 1784.
    • (1997)
    • Cuddington, J.T.1
  • 24
    • 80053470226 scopus 로고    scopus 로고
    • Macroeconomic forecasting and structural changes', European Central Bank Working Paper No. 1167, Brussels.
    • D'Agostino, A., L. Gambetti and D. Giannone (2010). 'Macroeconomic forecasting and structural changes', European Central Bank Working Paper No. 1167, Brussels.
    • (2010)
    • D'Agostino, A.1    Gambetti, L.2    Giannone, D.3
  • 25
    • 56849134004 scopus 로고    scopus 로고
    • European Commission., European Economy No. 3/2007, European Commission, Brussels.
    • European Commission (2007). Public finances in the EMU 2007, European Economy No. 3/2007, European Commission, Brussels.
    • (2007) Public finances in the EMU 2007
  • 27
    • 0003700613 scopus 로고    scopus 로고
    • European Commission., European Economy No. 4/2010, European Commission, Brussels.
    • European Commission (2010). Public finances in EMU 2010, European Economy No. 4/2010, European Commission, Brussels.
    • (2010) Public finances in EMU 2010
  • 28
    • 33745932073 scopus 로고    scopus 로고
    • Fiscal policy and interest rates in Europe
    • Faini, R. (2006). 'Fiscal policy and interest rates in Europe', Economic Policy, 21(47), 443-89.
    • (2006) Economic Policy , vol.21 , Issue.47 , pp. 443-489
    • Faini, R.1
  • 29
    • 80053481235 scopus 로고    scopus 로고
    • Fiscal Policy and Business Cycle: An Empirical investigation', mimeo, INSEAD.
    • Fatas, A. and I. Mihov (2000). 'Fiscal Policy and Business Cycle: An Empirical investigation', mimeo, INSEAD.
    • (2000)
    • Fatas, A.1    Mihov, I.2
  • 30
    • 80053463007 scopus 로고    scopus 로고
    • Debt and the effect of fiscal policy', NBER Working Paper No. 12822.
    • Favero, C. and F. Giavazzi (2007). 'Debt and the effect of fiscal policy', NBER Working Paper No. 12822.
    • (2007)
    • Favero, C.1    Giavazzi, F.2
  • 31
    • 80053467299 scopus 로고    scopus 로고
    • Inflation implications of rising government debt, in L. Reichlin and West, K. (eds.), NBER International Macro Annual, MIT Press, Cambridge, MA.
    • Giannitsarou, C. and A. Scott (2006). 'Inflation implications of rising government debt, in L. Reichlin and West, K. (eds.), NBER International Macro Annual, MIT Press, Cambridge, MA.
    • (2006)
    • Giannitsarou, C.1    Scott, A.2
  • 32
    • 84977368332 scopus 로고
    • Is the budget deficit too large?
    • Hakkio, C.S. and M. Rush (1991). 'Is the budget deficit too large?, Economic Inquiry, 29, 429-45.
    • (1991) Economic Inquiry , vol.29 , pp. 429-445
    • Hakkio, C.S.1    Rush, M.2
  • 33
    • 0000481916 scopus 로고
    • On the limitations of government borrowing: a framework for empirical testing
    • Hamilton, J. and M. Flavin (1986). 'On the limitations of government borrowing: a framework for empirical testing', American Economic Review, 76, 808-19.
    • (1986) American Economic Review , vol.76 , pp. 808-819
    • Hamilton, J.1    Flavin, M.2
  • 34
    • 33747871438 scopus 로고    scopus 로고
    • Robustifying forecasts from equilibrium-correction models
    • Hendry, D.F. (2006). 'Robustifying forecasts from equilibrium-correction models', Journal of Econometrics, 135, 399-426.
    • (2006) Journal of Econometrics , vol.135 , pp. 399-426
    • Hendry, D.F.1
  • 35
    • 80053486436 scopus 로고
    • Indicators of fiscal sustainability', IMF Working Paper No. 91/5.
    • Horne, J. (1991a). 'Indicators of fiscal sustainability', IMF Working Paper No. 91/5.
    • (1991)
    • Horne, J.1
  • 36
    • 8544257234 scopus 로고
    • Criteria of external sustainability
    • Horne, J. (1991b). 'Criteria of external sustainability', European Economic Review, 35, 1559-74.
    • (1991) European Economic Review , vol.35 , pp. 1559-1574
    • Horne, J.1
  • 37
    • 80053484722 scopus 로고    scopus 로고
    • International Monetary Fund. 'The state of public finances cross-country fiscal monitor: November 2009', IMF Staff Position Note 09/25, Washington.
    • International Monetary Fund (2009a). 'The state of public finances cross-country fiscal monitor: November 2009', IMF Staff Position Note 09/25, Washington.
    • (2009)
  • 39
    • 33745961312 scopus 로고    scopus 로고
    • Improving fiscal policy in the EU: the case for independent forecasts
    • Jonung, L. and M. Larch (2006). 'Improving fiscal policy in the EU: the case for independent forecasts', Economic Policy, 21(47), 491-534.
    • (2006) Economic Policy , vol.21 , Issue.47 , pp. 491-534
    • Jonung, L.1    Larch, M.2
  • 40
    • 0040410684 scopus 로고
    • 'Commentary: Monetary policy implications of greater fiscal discipline'
    • Federal Reserve Bank of Kansas City.
    • King, M. (1995). 'Commentary: Monetary policy implications of greater fiscal discipline', in Budget Deficits and Debt: Issues and Options, Federal Reserve Bank of Kansas City.
    • (1995) Budget Deficits and Debt: Issues and Options
    • King, M.1
  • 41
    • 83255186410 scopus 로고    scopus 로고
    • 'Monetary science, fiscal alchemy'
    • in Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, Kansas City, MO.
    • Leeper, E.M. (2010). 'Monetary science, fiscal alchemy', in Federal Reserve Bank of Kansas City, Macroeconomic Challenges: The Decade Ahead, Federal Reserve Bank of Kansas City, Kansas City, MO.
    • (2010) Macroeconomic Challenges: The Decade Ahead
    • Leeper, E.M.1
  • 42
    • 52749094524 scopus 로고    scopus 로고
    • International evidence on fiscal solvency: is fiscal policy 'responsible'?
    • Mendoza, E.G. and J.D. Ostry (2008). 'International evidence on fiscal solvency: is fiscal policy 'responsible'?', Journal of Monetary Economics, 55(6), 1081-93.
    • (2008) Journal of Monetary Economics , vol.55 , Issue.6 , pp. 1081-1093
    • Mendoza, E.G.1    Ostry, J.D.2
  • 43
    • 0001530053 scopus 로고    scopus 로고
    • 'Perspectives on OECD capital market integration: implications for U.S. current account adjustment' Federal Reserve Bank of Kansas City
    • Federal Reserve Bank of Kansas City, Kansas City, MO.
    • Obstfeld, M. and K. Rogoff (2000). 'Perspectives on OECD capital market integration: implications for U.S. current account adjustment' Federal Reserve Bank of Kansas City, in Global Economic Integration: Opportunities and Challenges, pp. 169-208, Federal Reserve Bank of Kansas City, Kansas City, MO.
    • (2000) Global Economic Integration: Opportunities and Challenges , pp. 169-208
    • Obstfeld, M.1    Rogoff, K.2
  • 44
    • 25144433395 scopus 로고    scopus 로고
    • 'Global current account imbalances and exchange rate adjustments'
    • 1, Brookings Institution, Washington, DC.
    • Obstfeld, M. and K. Rogoff (2005a). 'Global current account imbalances and exchange rate adjustments', Brookings Papers on Economic Activity, 1, 67-146, Brookings Institution, Washington, DC.
    • (2005) Brookings Papers on Economic Activity , pp. 67-146
    • Obstfeld, M.1    Rogoff, K.2
  • 45
    • 80053516342 scopus 로고    scopus 로고
    • The unsustainable U.S. current account position revisited', NBER Working Paper No. 10869.
    • Obstfeld, M. and K. Rogoff (2005b). 'The unsustainable U.S. current account position revisited', NBER Working Paper No. 10869.
    • (2005)
    • Obstfeld, M.1    Rogoff, K.2
  • 46
    • 80053503372 scopus 로고    scopus 로고
    • Measuring fiscal sustainability', CEPR Discussion Paper No. 5315
    • Polito, V. and M.R. Wickens (2005). 'Measuring fiscal sustainability', CEPR Discussion Paper No. 5315
    • (2005)
    • Polito, V.1    Wickens, M.R.2
  • 47
    • 80053545816 scopus 로고    scopus 로고
    • Measuring the fiscal stance', DERS paper No. 2007/14.
    • Polito, V. and M.R. Wickens (2007). 'Measuring the fiscal stance', DERS paper No. 2007/14.
    • (2007)
    • Polito, V.1    Wickens, M.R.2
  • 48
    • 80053511826 scopus 로고    scopus 로고
    • What is the best framework for fiscal policy? With application to selected EU countries'
    • in C. Richter (ed.), Lambert Academic Publishing, Saarbrücken.
    • Polito, V. and M.R. Wickens (2010). What is the best framework for fiscal policy? With application to selected EU countries', in C. Richter (ed.), Globalisation New Challenges: Macroeconomic, International Trade and Financial Issues, Lambert Academic Publishing, Saarbrücken.
    • (2010) Globalisation New Challenges: Macroeconomic, International Trade and Financial Issues
    • Polito, V.1    Wickens, M.R.2
  • 49
    • 11544374039 scopus 로고
    • A simple model for study of the price level and the interaction between monetary and fiscal policy
    • Sims, C. (1994). 'A simple model for study of the price level and the interaction between monetary and fiscal policy', Economic Theory, 4, 381-99.
    • (1994) Economic Theory , vol.4 , pp. 381-399
    • Sims, C.1
  • 52
    • 45549114624 scopus 로고
    • Common trends, the government budget constraint, and revenue smoothing
    • Trehan, B. and C. Walsh (1988). 'Common trends, the government budget constraint, and revenue smoothing', Journal of Economic Dynamics and Control, 12, 425-44.
    • (1988) Journal of Economic Dynamics and Control , vol.12 , pp. 425-444
    • Trehan, B.1    Walsh, C.2
  • 53
    • 0001231020 scopus 로고
    • Testing intertemporal budget constraints: theory and applications to U.S. federal budget and current account deficits
    • Trehan, B. and C. Walsh (1991). 'Testing intertemporal budget constraints: theory and applications to U.S. federal budget and current account deficits', Journal of Money, Credit and Banking, 23, 210-23.
    • (1991) Journal of Money, Credit and Banking , vol.23 , pp. 210-223
    • Trehan, B.1    Walsh, C.2
  • 54
    • 0034422260 scopus 로고    scopus 로고
    • Debt and deficit ceilings, and sustainability of fiscal policies: an intertemporal analysis
    • Uctum, M. and M.R. Wickens (2000). 'Debt and deficit ceilings, and sustainability of fiscal policies: an intertemporal analysis', Oxford Bulletin of Economics and Statistics, 62, 197-222.
    • (2000) Oxford Bulletin of Economics and Statistics , vol.62 , pp. 197-222
    • Uctum, M.1    Wickens, M.R.2
  • 56
    • 38249003630 scopus 로고
    • The sustainability of current account deficits: a test of the US intertemporal budget constraint
    • Wickens, M.R. and M. Uctum (1993). 'The sustainability of current account deficits: a test of the US intertemporal budget constraint', Journal of Economic Dynamics and Control, 17(3), 423-41.
    • (1993) Journal of Economic Dynamics and Control , vol.17 , Issue.3 , pp. 423-441
    • Wickens, M.R.1    Uctum, M.2
  • 57
    • 0001449154 scopus 로고
    • The sustainability of government deficit: implications of the present-value constraint
    • Wilcox, D.W. (1989). 'The sustainability of government deficit: implications of the present-value constraint', Journal of Money, Credit and Banking, 21, 291-306.
    • (1989) Journal of Money, Credit and Banking , vol.21 , pp. 291-306
    • Wilcox, D.W.1
  • 59
    • 0003684272 scopus 로고    scopus 로고
    • 'Control of the public debt: an requirement for price stability?'
    • in G. Calvo and M. King (eds.), Macmillan, London.
    • Woodford, M. (1996). 'Control of the public debt: an requirement for price stability?', in G. Calvo and M. King (eds.), The Debt Burden and Monetary Policy, Macmillan, London.
    • (1996) The Debt Burden and Monetary Policy
    • Woodford, M.1
  • 60
    • 0039107310 scopus 로고    scopus 로고
    • Fiscal requirements for price stability
    • Woodford, M. (2001). 'Fiscal requirements for price stability', Journal of Money Credit and Banking, 33, 669-728.
    • (2001) Journal of Money Credit and Banking , vol.33 , pp. 669-728
    • Woodford, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.