Real time uncertainty in fiscal planning and debt accumulation in the euro area
Subject: fiscal policy; debt accumulation; real time data; cyclical sensitivity; economic crisis
jel: jel:E32 | jel:E62
This study explores real time uncertainty in euro area fiscal policies since the late 1990s. Using real time data from the OECD Economic Outlook publications we investigate the impact of real time uncertainty on fiscal planning and debt accumulation separately for two c... View more
Afonso, A., Agnello, L. and Furceri, D. (2010) Fiscal policy responsiveness, persistence, and discretion, Public Choice, 145, 503-530.
Beetsma, R. and Giuliodori, M. (2010) Fiscal Adjustment to Cyclical Developments in the OECD: An Empirical Analysis Based on Real-Time Data, Oxford Economic Papers, 62, 419-441.
Beffy, P. O., Ollivaud, P., Richardson P. and Sedillot, F. (2006) New OECD Methods for Supply-Side and Medium-term Assessments: A Capital Services Approach, OECD Economics Department Working Papers, No. 482.
Candelon, B., Muysken, J. and Vermeulen, R. (2010) Fiscal policy and monetary integration in Europe: an update, Oxford Economic Papers, 62, 323-349.
Cimadomo, J. (2008) Fiscal Policy in Real Time, ECB Working Paper No. 919, forthcoming in Scandinavian Journal of Economics.
Cimadomo, J. (2011) Real-Time Data and Fiscal Policy Analysis: A Survey of the Literature, Federal Reserve Bank of Philadelphia Working Paper, No. 25.
European Commission (2004) The Pro-Cyclicality of Fiscal Policy in EMU, Quarterly Report on the Euro Area, Vol. 3.
Galí, J. and Perotti, R. (2003) Fiscal policy and monetary integration in Europe, Economic Policy, 18, 533-572.
Lane, P. R. (2003a) Business Cycles and Macroeconomic Policy in Emerging Market Economies, International Finance 6, 89-108.
Lane, P. R. (2003b) The Cyclical Behaviour of Fiscal Policy: Evidence from the OECD, Journal of Public Economics, 87, 2661-2675.