Title The fiscal smile : the effectiveness and limits of fiscal stabilizers / Maria Antoinette Silgoner, Gerhard Reitschuler, and Jesús Crespo-Cuaresma

Published Washington, D.C. : International Monetary Fund, ©2003

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Description 1 online resource (29 pages) : illustrations Series IMF working paper, 2227-8885 ; WP/03/182 IMF working paper ; WP/03/182 Summary We study the smoothing impact of fiscal stabilizers (proxied by government expenditures or revenues) on business cycle volatility for a panel of EU countries in the period 1970-99. The results show that the business cycle volatility smoothing effect of fiscal stabilizers may revert at high levels. We present evidence that for government expenditure ratios exceeding an estimated value of about 38 percent, a further expansion in the size of the government could actually lead to an increase in cyclical volatility. This may call for a reconsideration of the use of fiscal stabilizers for business cycle smoothing Bibliography Includes bibliographical references (pages 27-29) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL English digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Business cycles -- European Union countries -- Econometric models Fiscal policy -- European Union countries -- Econometric models Expenditures, Public -- Econometric models Economic stabilization -- European Union countries -- Econometric models Business cycles -- Econometric models. Economic stabilization. Expenditures, Public -- Econometric models. Fiscal policy -- Econometric models. European Union countries. Form Electronic book Author Reitschuler, Gerhard, author Crespo-Cuaresma, Jesús, author International Monetary Fund. European I Department ISBN 1451904649 9781451904642 1462386172 9781462386178 1452793573 9781452793573 128210781X 9781282107816 9786613801166 661380116X 9781451859287 1451859287

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