Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/17737 
Year of Publication: 
2001
Series/Report no.: 
Kiel Working Paper No. 1028
Publisher: 
Kiel Institute of World Economics (IfW), Kiel
Abstract: 
Based on a panel data model this paper investigates whether the effects of fiscal policy on national saving in Europe have changed after the Maastricht Treaty came into force. Recently Giavazzi, Jappelli and Pagano (2000) found evidence that national saving responds nonlinearly to fiscal policy when a large and persistent consolidation is undertaken. I show that their finding is not robust, one reason being that the structural budget deficit is not a time-invariant criterion for identifying episodes of large and persistent fiscal impulses. This paper proposes and analyses an alternative definition of a fiscal consolidation episode: the post-Maastricht period.
Subjects: 
Fiscal policy
national saving
budgetary consolidation
European Union
panel
JEL: 
E6
H6
H5
H3
H2
Document Type: 
Working Paper

Files in This Item:
File
Size
89.35 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.