Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212251 
Authors: 
Year of Publication: 
2013
Series/Report no.: 
Bank of Finland Research Discussion Papers No. 11/2013
Publisher: 
Bank of Finland, Helsinki
Abstract: 
This paper deals with the problems of assessing the effects of fiscal policy in the European Monetary Union. Here, we face wide cross-country differences in key fiscal parameters, some of which may also be vary over time (business cycle). Moreover, these effects may also depend on trade spillover effects and thus on the extent of policy coordination. Our empirical analyses make use of data for 15 EU countries, mainly for the period 1970-2011. The results clearly indicate that fiscal multipliers are not constant across countries and time, being much larger during economic recessions. By contrast, the policy coordination-effects appear to be more homogenous, although it turns out that small countries may benefit more from coordination.
Subjects: 
Fiscal policy
policy coordination
government deficit
EMU Classification
JEL: 
H62
E61
E63
Persistent Identifier of the first edition: 
ISBN: 
978-952-6699-20-2
Document Type: 
Working Paper

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