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dc.contributor.authorHebous, Shafiken_US
dc.contributor.authorZimmermann, Tomen_US
dc.description.abstractWe estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a similar size area-wide shock expressed as a weighted average of the fiscal shocks across all member countries. According to our estimates, the impact of an area-wide fiscal shock on output of a member country tends to be positive and larger than that of a domestic shock. Since the cost of participating in the area-wide shock is lower than the cost of a similar size domestic shock, our finding indicates the importance of coordinated fiscal actions in the euro area.en_US
dc.publisherCenter for Economic Studies and Ifo Institute (CESifo) Munichen_US
dc.relation.ispartofseriesCESifo Working Paper: Fiscal Policy, Macroeconomics and Growth 3912en_US
dc.subject.keywordfiscal policy coordinationen_US
dc.subject.keywordcross-border spilloversen_US
dc.subject.keywordopen economy macroeconomicsen_US
dc.subject.keywordEuropean integrationen_US
dc.subject.keywordGlobal VARen_US
dc.titleEstimating the effects of coordinated fiscal actions in the euro areaen_US
dc.typeWorking Paperen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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