Fiscal Data Revisions in Europe

Expansionary Fiscal Consolidations in Europe New Evidence

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Crisis-Induced Fiscal Restructuring in Europe

Towards Optimizing Hierarchical Data Revisions

The revision of existing data must always be considered when new data are collected which have known relations with the old data, thereby taking into account that the two datasheets in question may belong to one and the same, or to two different hierarchical levels. In the first case, optimal data fusion would amount to a joint adjustment and, as a result, to modifications of the existing data ...

Fiscal Consolidation in Europe : Pre - and Post - Maastricht

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...

Fiscal Foresight, Forecast Revisions and the Effects of Government Spending in the Open Economy

This paper investigates the effects of government spending on the real exchange rate and the trade balance in the US using a new VAR identification procedure based on spending forecast revisions. I find that the real exchange rate appreciates and the trade balance deteriorates after a government spending shock, although the effects are quantitatively small. The findings broadly match the theore...