Does it cost to be virtuous? The macroeconomic effects of fiscal constraints

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• dc.contributor.author Canova, Fabioca
• dc.contributor.author Pappa, Evica
• dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
• dc.date.accessioned 2017-07-26T10:50:40Z
• dc.date.available 2017-07-26T10:50:40Z
• dc.date.issued 2004-03-01
• dc.date.modified 2017-07-23T02:10:14Z
• dc.description.abstract 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.
• dc.format.mimetype application/pdfca
• dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=926
• dc.identifier.citation NBER International Macro Annual 2005
• dc.identifier.uri http://hdl.handle.net/10230/835
• dc.language.iso eng
• dc.relation.ispartofseries Economics and Business Working Papers Series; 926
• dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
• dc.subject.keyword budget restrictions
• dc.subject.keyword fiscal policy transmission
• dc.subject.keyword policy rules
• dc.subject.keyword dynamic panels
• dc.subject.keyword Macroeconomics and International Economics
• dc.title Does it cost to be virtuous? The macroeconomic effects of fiscal constraintsca
• dc.title.alternative Clarida, R., Frankel, J., Giavazzi, F. and K. West (eds.) NBER International Seminar on Macroeconomics, 11065
• dc.type info:eu-repo/semantics/workingPaper