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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/2133

Title: Expansionary fiscal consolidations in Europe : new evidence
Authors: Afonso, António
Keywords: fiscal policy
expansionary fiscal consolidations
non-Keynesian effects
panel data models
European Union
Issue Date: Sep-2006
Publisher: European Central Bank
Citation: Afonso, António. 2006. "Expansionary fiscal consolidations in Europe : new evidence". European Central Bank working paper series nº 675-2006
Series/Report no.: European Central Bank working paper series;nº 675-2006
Abstract: In order to assess the existence of expansionary fiscal consolidations in Europe, panel data models for private consumption are estimated for the EU15 countries, using annual data over the period 1970-2005. Three alternative approaches to determine fiscal episodes are used, and the level of government indebtedness is also taken into account. The results show some evidence in favour of the existence of expansionary fiscal consolidations, for a few budgetary spending items (general government final consumption, social transfers, and taxes), depending on the specification and on the time span used. On the other hand, the possibility of asymmetric effects of fiscal episodes does not seem to be corroborated by the results.
URI: http://hdl.handle.net/10400.5/2133
ISSN: 1725-2806
Publisher version: http://www.ecb.int/pub/pdf/scpwps/ecbwp675.pdf
Appears in Collections:DE - Documentos de trabalho / Working Papers

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