The macroeconomic effects of fiscal policy

References

• Afonso , A . 2008 . Ricardian fiscal regimes in the European Union . Empirica , 35 : 313 – 34 .
   Google Scholar
• Afonso , A . 2010 . Expansionary fiscal consolidations in Europe: new evidence . Applied Economics Letters , 17 : 105 – 9 .
   Web of Science ®Google Scholar
• Afonso , A and Claeys , P . 2008 . The dynamic behaviour of budget components and output . Economic Modelling , 25 : 93 – 117 .
   Web of Science ®Google Scholar
• Afonso, A. and Sousa, R. M. (2011) What are the effects of fiscal policy on asset markets?, Economic Modelling, 28, 1871–90
   Google Scholar
• Afonso , A and Strauch , R . 2007 . Fiscal policy events and interest rate swap spreads: some Evidence from the EU . Journal of International Financial Markets, Institutions and Money , 17 : 261 – 76 .
   Google Scholar
• Alesina , A and Ardagna , S . 1998 . Tales of fiscal adjustment . Economic Policy , 27 : 489 – 545 .
   Google Scholar
• Ardagna , S . 2009 . Financial markets’ behavior around episodes of large changes in the fiscal stance . European Economic Review , 53 : 37 – 55 .
   Web of Science ®Google Scholar
• Barro , RJ . 1974 . Are government bonds net wealth? . Journal of Political Economy , 82 : 1095 – 117 .
   Web of Science ®Google Scholar
• Bernanke , B and Kuttner , K . 2005 . What explains the stock market's reaction to Federal Reserve policy? . Journal of Finance , 60 : 1221 – 57 .
   Web of Science ®Google Scholar
• Bernoth, K. J., Von Hagen, J. and Schuknecht, L. (2003), The determinants of the yield differential in EU government bond market, Working Paper, ZEI – Center for European Integration Studies
   Google Scholar
• Biau , O and Girard , E . 2005 . Politique budgetaire et dynamique economique en France: l’approche VAR structurel . Économie et Prévision , 169–171 : 1 – 24 .
   Google Scholar
• Blanchard , O and Perotti , R . 2002 . An empirical characterization of the dynamic effects of changes in government spending and taxes on output . Quarterly Journal of Economics , 117 : 1329 – 68 .
   Web of Science ®Google Scholar
• Bohn , H . 1998 . The Behaviour of US public debt and deficits . Quarterly Journal of Economics , 113 : 949 – 63 .
   Web of Science ®Google Scholar
• Brook, A.-M. (2003) Recent and prospective trends in real long-term interest: fiscal policy and other drivers, OECD Working Paper No. 21, Organization for Economic Co-operation and Development
   Google Scholar
• Canzoneri , M , Cumby , R and Diba , B . 2001 . Is the price level determined by the needs of fiscal solvency . American Economic Review , 91 : 1221 – 38 .
   Web of Science ®Google Scholar
• Castro , F and Cos , PH . 2008 . The economic effects of fiscal policy: the case of Spain . Journal of Macroeconomics , 30 : 1005 – 28 .
   Web of Science ®Google Scholar
• Chirinko, R., de Haan, L. and Sterken, E. (2004) Asset price shocks, real expenditures, and financial structure: a multi-country analysis, Emory University, Working Paper
   Google Scholar
• Christiano , LJ , Eichenbaum , M and Evans , CL . 1999 . “ Monetary policy shocks: what have we learned and to what end? ” . In Handbook of Macroeconomics, 1A , Edited by: Taylor , J. and Woodford , M. 65 – 148 . Amsterdam : Elsevier .
   Google Scholar
• Christiano , LJ , Eichenbaum , M and Evans , CL . 2005 . Nominal rigidities and the dynamic effects of a shock to monetary policy . Journal of Political Economy , 113 : 1 – 45 .
   Web of Science ®Google Scholar
• Codogno , L , Favero , C and Missale , A . 2003 . Yield spreads on EMU government bonds . Economic Policy , 37 : 503 – 32 .
   Google Scholar
• Craine, R. and Martin, V. (2003) Monetary policy shocks and security market responses, Working Paper, University of California at Berkeley
   Google Scholar
• Edelberg , W , Eichenbaum , M and Fisher , J . 1999 . Understanding the effects of a shock to government purchases . Review of Economics Dynamics , 2 : 166 – 206 .
   Web of Science ®Google Scholar
• Engen, E. M. and Hubbard, R. G. (2004) Federal government debt and interest rates, NBER Working Paper No. 10681, National Bureau of Economic Research
   Google Scholar
• Faini , R . 2006 . Fiscal policy and interest rates in Europe . Economic Policy , 21 : 443 – 89 .
   Google Scholar
• Fatás, A. and Mihov, I. (2001) The effects of fiscal policy on consumption and employment: theory and evidence, CEPR Discussion Paper No. 2760, Centre for Economic Policy Research
   Google Scholar
• Favero, C. (2002) How do European monetary and fiscal authorities behave?, CEPR Discussion Paper No. 3426, Centre for Economic Policy Research
   Google Scholar
• Favero, C. and Giavazzi, F. (2008) Debt and the effects of fiscal policy, University of Bocconi, Working Paper
   Google Scholar
• Gale, W. G. and Orszag, P. R. (2002) The economic effects of long-term fiscal discipline, Discussion Paper, Urban-Brookings Tax Policy Center
   Google Scholar
• Gale , WG and Orszag , PR . 2003 . Economic effects of sustained budget deficits . National Tax Journal , 56 : 463 – 85 .
   Web of Science ®Google Scholar
• Galí , J , López-Salido , JD and Vallés , J . 2007 . Understanding the effects of government spending on consumption . Journal of the European Economic Association , 5 : 227 – 70 .
   Web of Science ®Google Scholar
• Giavazzi , F and Pagano , M . 1990 . “ Can severe fiscal contractions be expansionary? Tales of two small european countries ” . In NBER Macroeconomics Annual , Edited by: Blanchard , O. J. and Fischer , S. 75 – 110 . Cambridge , MA : MIT Press .
   Google Scholar
• Giavazzi , F and Pagano , M . 1996 . Non-Keynesian effects of fiscal policy changes: international evidence and the Swedish experience . Swedish Economic Policy Review , 3 : 67 – 103 .
   Google Scholar
• Giordano , R , Momigliano , S , Neri , S and Perotti , R . 2007 . The effects of fiscal policy in Italy: evidence from a VAR model . European Journal of Political Economy , 23 : 707 – 33 .
   Google Scholar
• Giudice, G., Turrini, A. and in’t Veld, J. (2004) Non-Keynesian fiscal consolidation in the EU? Ex post evidence and ex ante analysis, CEPR Discussion Paper No. 4388, Centre for Economic Policy Research
   Google Scholar
• Goodhart , C and Lemmen , JJG . 1999 . Credit risks and European government bond markets: a panel data econometric analysis . Eastern Economic Journal , 25 : 77 – 107 .
   Google Scholar
• Heppke-Falk, K.H. and Hüfner, F. (2004) Expected budget deficits and interest rate swap spreads – evidence for France, Germany and Italy, Discussion Paper No. 40, Deutsche Bundesbank
   Google Scholar
• Heppke-Falk, K.H., Tenhofen, J. and Wolff, G. B. (2006) The macroeconomic effects of exogenous fiscal policy shocks in Germany: a disaggregated SVAR analysis, Discussion Paper No. 41, Deutsche Bundesbank
   Google Scholar
• Iacoviello , M . 2005 . House prices, borrowing constraints, and monetary policy in the business cycle . American Economic Review , 95 : 739 – 64 .
   Web of Science ®Google Scholar
• Iacoviello, M. and Minetti, R. (2003) The credit channel of monetary policy: evidence from the housing market, Working Paper, Boston College
   Google Scholar
• Jappelli , T and Pistaferri , L . 2007 . Do people respond to tax incentives? An analysis of the Italian reform of the deductibility of home mortgage interests . European Economic Review , 51 : 247 – 71 .
   Web of Science ®Google Scholar
• Julliard, C., Michaelides, A. and Sousa, R. M. (2008) Housing prices and monetary policy, Working Paper, London School of Economics and Political Science
   Google Scholar
• Kormendi , RC . 1983 . Government debt, government spending, and private sector behavior . American Economic Review , 73 : 994 – 1010 .
   Web of Science ®Google Scholar
• Laubach , T . 2009 . New evidence on the interest rate effects of budget deficits and debt . Journal oj the European Economic Association , 7 : 1 – 28 .
   Web of Science ®Google Scholar
• Maclennan, D., Muellbauer, J. and Stephens, M. (1999) Asymmetries in Housing and Financial Market Institutions and EMU, CEPR Discussion Paper No. 2062, Centre for Economic Policy Research
   Google Scholar
• McCarthy , J and Peach , R . 2002 . Monetary policy transmission to residential investment . Federal Reserve Bank of ‘New York Economic Policy Review , 8 : 139 – 58 .
   Google Scholar
• Mountford, A. and Uhlig, H. (2005) What are the effects of fiscal policy shocks?, Humboldt-Universität zu Berlin Working Paper SFB No. 649
   Google Scholar
• Pérez , J . 2007 . Leading indicators for euro area government deficits . International Journal of Forecasting , 23 : 259 – 75 .
   Web of Science ®Google Scholar
• Perotti , R . 1999 . Fiscal policy in good times and bad . Quarterly Journal of Economics , 114 : 1399 – 436 .
   Web of Science ®Google Scholar
• Perotti, R. (2004) Estimating the effects of fiscal policy in OECD countries, Working Paper, University of Bocconi
   Google Scholar
• Ramey , V and Shapiro , M . 1998 . Costly capital reallocation and the effects of government spending . Carnegie Rochester Conference on Public Policy , 48 : 145 – 94 .
   Google Scholar
• Rigobon, R. and Sack, B. (2002) The impact of monetary policy on asset prices, Finance and Economics Discussion Series 2002–4, Board of Governors of the Federal Reserve System
   Google Scholar
• Rigobon , R and Sack , B . 2003 . Measuring the reaction of monetary policy to the stock market . Quarterly Journal of Economics , 118 : 639 – 670 .
   Web of Science ®Google Scholar
• Upper , C and Worms , A . 2003 . Real long-term interest rates and monetary policy: a cross-country perspective . BIS Papers , 19 : 234 – 257 .
   Google Scholar