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Fiscal policies in high debt Euro-area countries

Author: Antonella Cavallo; Pietro Dallari; Antonio Ribba
Publisher: Cham : Springer International Publishing, 2017.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This book explores the role of national fiscal policies in a selected group of Euro-area countries under the European Economic and Monetary Union (EMU). In particular, the authors characterize the response of output to fiscal consolidations and expansions in the small Euro-area open economies affected by high public and private debt. It is shown that the macroeconomic outcome of fiscal shocks is strongly related to  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Cavallo, Antonella.
Fiscal Policies in High Debt Euro-Area Countries.
Cham : Springer International Publishing, ©2017
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Antonella Cavallo; Pietro Dallari; Antonio Ribba
ISBN: 9783319702698 3319702696 3319702688 9783319702681
OCLC Number: 1012882569
Description: 1 online resource (185 pages)
Contents: Preface; Contents; 1 Introduction; 1.1 The Controversial Macroeconomic Outcomes of Fiscal Policy; 1.2 Does the Euro Area Needs a Fiscal Union?; 1.3 The Macroeconomic Outcomes of Fiscal Policy in High Debt Euro Area Countries; 1.4 Spillovers of German Fiscal Policies in the Euro Area; References; 2 The Common Framework for National Fiscal Policies and the Euro Area Fiscal Union; 2.1 Introduction; 2.2 The Common European Framework for National Fiscal Policies; 2.2.1 Preventive Arm; 2.2.2 Corrective Arm; 2.3 Towards a Euro-Area Budget for the Fiscal Union? 2.3.1 Some Comparison with Existing Federal States2.3.2 The Euro-Area Budget Architecture: Some Proposals From the Literature; 2.3.3 Other Proposals for Fiscal Union: Automatic Fiscal Stabilizers; 2.4 The Effects of Government Spending Shocks in the Euro Area. Selected Literature; 2.5 Measuring Fiscal Policy at the Euro Area Level; 2.5.1 The Response of Variables to a Euro-Area Government Spending Shock; 2.5.2 The Response of Variables to a Euro-Area Government Investments Shock; 2.6 An Alternative Identification Strategy of Government Spending Shocks. 2.6.1 Recovering Government Spending Shocks by Sign Restrictions2.6.2 Government Investment Shocks; 2.7 The Effects of Government Spending Shocks Under an Accommodative Monetary Policy; 2.8 Fiscal Multipliers: Results; 2.9 Conclusions; References; 3 The Macroeconomic Effects of Fiscal Policy Shocks: A Review of the Literature; 3.1 Introduction; 3.2 Alternative Methodologies for the Identification of Fiscal Shocks; 3.3 Structural VARs and Identification of Fiscal Shocks; 3.4 Alternative Definitions of Fiscal Multipliers; 3.5 The Dynamics Effects of Fiscal Shocks in the US Economy. 3.6 The Estimated Effects of Fiscal Shocks in the European Economy3.7 Fiscal Shocks and International Spillover Effects; 3.8 Macroeconomic Factors Shaping the Effects of Fiscal Policy; 3.8.1 The Degree of Openness and the Exchange Rate Regime; 3.8.2 The Monetary Policy Stance; 3.8.3 The Role of Public and Private Debt; 3.9 Identification of Fiscal Shocks and Fiscal Foresight; 3.10 Conclusions; References; 4 The Macroeconomic Effects of Fiscal Shocks in High Debt Euro Area Countries; 4.1 Introduction; 4.2 Some Descriptive Statistics for the National Economies; 4.3 The Econometric Approach. 4.4 Estimation Results: The Responses of Variables to Monetary and Fiscal Shocks4.4.1 The Response of National Variables to a Contractionary Common Monetary Policy Shock; 4.4.2 The Response of National Variables to a Domestic Government Spending Shock; 4.4.3 The Response of National Variables to a Domestic Government Revenues Shock; 4.5 Estimation Results: Sources of Business Cycle Fluctuations in the Six Countries; 4.5.1 The Degree of Integration of Domestic Business Cycle in the European One; 4.6 Conclusions; References5 A Further Look To Macroeconomic Outcomes of Fiscal Austerity in High Debt Countries.
Responsibility: Antonella Cavallo, Pietro Dallari, Antonio Ribba.

Abstract:

This book explores the role of national fiscal policies in a selected group of Euro-area countries under the European Economic and Monetary Union (EMU). In particular, the authors characterize the response of output to fiscal consolidations and expansions in the small Euro-area open economies affected by high public and private debt. It is shown that the macroeconomic outcome of fiscal shocks is strongly related to debt levels. The Euro-area countries included in the investigation are Greece, Ireland, Italy, the Netherlands, Spain, and Portugal, over the sample period 1999-2016, i.e., the EMU period. The main econometric tools used in this research are structural vector autoregressive (VAR) models, including panel VAR models. The available literature relating to the subject is also fully reviewed. A further closely investigated topic is the potential spillover effects of German fiscal policies on the selected small Euro-area economies. Moreover, in the perspective of the evolution of the Euro Area towards a full Monetary and Fiscal Union, the authors study the effects of area-wide government spending shocks on aggregate output and other macroeconomic variables during the EMU period. The closing chapter of the book considers evidence on the consequences of austerity policies for European labour markets during recent years.

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