Does it cost to be virtuous?: the macroeconomic effects of fiscal constraints
"We study whether and how fiscal restrictions alter the business cycle features of macrovariables for a sample of 48 US states. We also examine the "typical" transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fisca...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11065 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | "We study whether and how fiscal restrictions alter the business cycle features of macrovariables for a sample of 48 US states. We also examine the "typical" transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints are characterized with a number of indicators. There are similarities in second moments of macrovariables and in the transmission properties of fiscal shocks across states with different fiscal constraints. The cyclical response of expenditure differs in size and sometimes in sign, but heterogeneity within groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern. Implications for the design of fiscal rules and the reform of the Stability and Growth Pact are discussed"--National Bureau of Economic Research web site. |
| Physical Description: | 33 S. graph. Darst. |
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| id | DE-604.BV019889460 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:08:29Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-013213492 |
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| physical | 33 S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
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| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Canova, Fabio 1956- Verfasser (DE-588)114240809 aut Does it cost to be virtuous? the macroeconomic effects of fiscal constraints Fabio Canova ; Evi Pappa Cambridge, Mass. National Bureau of Economic Research 2005 33 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11065 "We study whether and how fiscal restrictions alter the business cycle features of macrovariables for a sample of 48 US states. We also examine the "typical" transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints are characterized with a number of indicators. There are similarities in second moments of macrovariables and in the transmission properties of fiscal shocks across states with different fiscal constraints. The cyclical response of expenditure differs in size and sometimes in sign, but heterogeneity within groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern. Implications for the design of fiscal rules and the reform of the Stability and Growth Pact are discussed"--National Bureau of Economic Research web site. Ökonometrisches Modell Business cycles Econometric models Fiscal policy Pappa, Euē Verfasser (DE-588)130419850 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11065 (DE-604)BV002801238 11065 http://papers.nber.org/papers/w11065.pdf kostenfrei Volltext |
| spellingShingle | Canova, Fabio 1956- Pappa, Euē Does it cost to be virtuous? the macroeconomic effects of fiscal constraints National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Business cycles Econometric models Fiscal policy |
| title | Does it cost to be virtuous? the macroeconomic effects of fiscal constraints |
| title_auth | Does it cost to be virtuous? the macroeconomic effects of fiscal constraints |
| title_exact_search | Does it cost to be virtuous? the macroeconomic effects of fiscal constraints |
| title_full | Does it cost to be virtuous? the macroeconomic effects of fiscal constraints Fabio Canova ; Evi Pappa |
| title_fullStr | Does it cost to be virtuous? the macroeconomic effects of fiscal constraints Fabio Canova ; Evi Pappa |
| title_full_unstemmed | Does it cost to be virtuous? the macroeconomic effects of fiscal constraints Fabio Canova ; Evi Pappa |
| title_short | Does it cost to be virtuous? |
| title_sort | does it cost to be virtuous the macroeconomic effects of fiscal constraints |
| title_sub | the macroeconomic effects of fiscal constraints |
| topic | Ökonometrisches Modell Business cycles Econometric models Fiscal policy |
| topic_facet | Ökonometrisches Modell Business cycles Econometric models Fiscal policy |
| url | http://papers.nber.org/papers/w11065.pdf |
| volume_link | (DE-604)BV002801238 |
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