Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/161666 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
IHS Economics Series No. 329
Verlag: 
Institute for Advanced Studies (IHS), Vienna
Zusammenfassung: 
We investigate cross-country fiscal policy spillovers through the integration of capital markets in a currency union and allow capital use in production to differ across countries. Following empirical evidence, we assume that production exhibits capital-skill complementarity. Using a multi-country overlapping-generations model calibrated for 14 European Union countries, we find that output spillovers are small with standard tax reforms but can be sizeable with large government spending increases financed by taxes: long run output losses in shock-free countries can amount to a quarter of the losses in countries hit by the spending shock. Conditional and temporary relaxing of the EU debt ceiling rule could benefit the Union as a whole.
Schlagwörter: 
spillovers
fiscal policy
capital-skill complementarity
multi-country modeling
computable general equilibrium
JEL: 
C68
E62
F21
F45
Dokumentart: 
Working Paper

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