Macroeconomic effects of fiscal policy in the European Union, with particular reference to transition countries
https://doi.org/10.3326/pse.41.1.7 | Published online: March 10, 2017 Equation 1
The structural form of baseline panel VAR Figure 1
Impulse responses to a government spending shock of 1% of real GDP – baseline specification Note: The size of the spending shock in the entire sample and in all sub-samples discussed below equals 1% of GDP, which is equivalent to around 4% of government spending in the entire sample. Figure 2
Comparison of impulse responses to a government spending shock of 1% of real GDP – old and new EU member states Table 1
Forecast error variance decomposition – baseline specification
Figure 3
Comparison of impulse responses to a government spending shock of 1% of real GDP – high-debt and low-debt countries Figure 4
Comparison of impulse responses to a government spending shock of 1% of real GDP – more and less open countries Table 2
Fiscal multipliers in the entire sample and in various sub-samples
Note: The table shows the size of the fiscal multiplier, i.e. the response of real GDP (in %) to a government spending shock of 1% of real GDP. ***, ** and * denote significance at the 1%, 5% and 10% level, respectively. Figure 5
Comparison of impulse responses to a government spending shock of 1% of real GDP – baseline and pre-crisis period Figure 6
Impulse responses of additional variables to a government spending shock of 1% of real GDP – extended PVARs with 6 variables Note: Only responses of the additional variable in each of the four 6-variable PVARs are shown. Complete results of each specification are available on request. Figure 7
Impulse responses of GDP to a shock of 1% of real GDP in various spending components Figure 8
Comparison of impulse responses to a government spending shock of 1% of real GDP – baseline and baseline extended with debt/GDP as endogenous variable Figure 9
Comparison of impulse responses of GDP to a government spending shock of 1% of real GDP with and without debt/GDP – old and new EU member states Table A1
Data sources and definitions
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March, 2017 I/2017 |
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