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dc.contributor.authorClaeys, Peteren
dc.date.accessioned2009-01-28T15:52:45Z-
dc.date.available2009-01-28T15:52:45Z-
dc.date.issued2005-
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 systematicfiscal 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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1406en
dc.subject.jelE63en
dc.subject.jelE61en
dc.subject.ddc330en
dc.subject.keywordmonetary policyen
dc.subject.keywordfiscal policyen
dc.subject.keywordpolicy interaction and policy rulesen
dc.subject.keyworddebt sustainabilityen
dc.subject.stwFinanzpolitiken
dc.subject.stwGeldpolitiken
dc.subject.stwRegelgebundene Politiken
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwÖffentliche Schuldenen
dc.subject.stwEU-Staatenen
dc.subject.stwJapanen
dc.subject.stwVereinigte Staatenen
dc.titlePolicy mix and debt sustainability : evidence from fiscal policy rules-
dc.typeWorking Paperen
dc.identifier.ppn479305773en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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