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dc.contributor.authorClaeys, Peteren_US
dc.coverage.temporal1964-2003en_US
dc.date.accessioned2009-01-28T15:52:45Z-
dc.date.available2009-01-28T15:52:45Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/18770-
dc.description.abstractThis paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of monetary policy setting. Our results qualify existing evidence on systematic fiscal policy in two respects. First, fiscal policy usually stabilises public debt. And there is indeed substantial interaction between fiscal and monetary policy via the debt channel. Second, sustainability is achieved with a ?stop-go? cycle of consolidation. Consolidation does not come at the cost of less cyclical stabilisation unless debt ratios are high.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesCESifo working papers 1406en_US
dc.subject.jelE63en_US
dc.subject.jelE61en_US
dc.subject.ddc330en_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordfiscal policyen_US
dc.subject.keywordpolicy interaction and policy rulesen_US
dc.subject.keyworddebt sustainabilityen_US
dc.subject.stwFinanzpolitiken_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwRegelgebundene Politiken_US
dc.subject.stwTransmissionsmechanismusen_US
dc.subject.stwÖffentliche Schuldenen_US
dc.subject.stwEU-Staatenen_US
dc.subject.stwJapanen_US
dc.subject.stwVereinigte Staatenen_US
dc.titlePolicy mix and debt sustainability : evidence from fiscal policy rulesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn479305773en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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