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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
      
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How different are the fiscal policy effects? Assessing the importance of cyclical situation, policy coordination, composition of policy measures and country-specific features, Revue de l’OFCE 132 (2014). Virén, Matti


Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Virén, Matti 
Number of authors
Status Published
Year of publication 2014 
Date 15.01.2014 
Name of article How different are the fiscal policy effects? Assessing the importance of cyclical situation, policy coordination, composition of policy measures and country-specific features 
Name of journal Revue de l’OFCE
Volume of issue 2014/1 
Number of issue 132 
Pages 135-157 
Abstract It is well-known that estimates of fiscal policy effects differ a lot. In this paper we try get some idea of the magnitude of these differences and the underlying reasons for these differences. In the European Monetary Union we face wide cross-country differences in fiscal institutions and key fiscal parameters, some of which may also vary over time (business cycle). Moreover, these effects may also depend on trade spillover effects and thus on the extent of policy coordination. Our empirical analyses make use of data for 15 EU countries, mainly for the period 1970-2011. The results clearly indicate that fiscal multipliers are much larger during economic recessions. By contrast, the policy coordination-effects appear to be more homogeneous, although it turns out that small countries may benefit more from coordination. Still, cross-country differences seem to dominate these average features of the results.
Index
Free text descriptor in Finnish finanssipolitiikka; EMU; EU 
Free text descriptor in English Fiscal policy, Policy coordination, Government deficit, EMU 
ISSN / e-ISSN 1777-5647 
auki Internet addresses