Does the Stability and Growth Pact Induce a Bias in the EC's Fiscal Forecasts
In: De Nederlandsche Bank Working Paper No. 451
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In: De Nederlandsche Bank Working Paper No. 451
SSRN
Working paper
In: European journal of political economy, Band 61, S. 101822
ISSN: 1873-5703
In: Public choice, Band 170, Heft 1, S. 1-32
ISSN: 0048-5829
In: De Nederlandsche Bank Working Paper No. 542
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Working paper
In: Public choice, Band 170, Heft 1-2, S. 1-32
ISSN: 1573-7101
We consider the effect of an increase in public investments on output in Europe against the background of a sharp drop of public investments in a number of EU countries during the crisis and subsequent policy discussions on the need to stimulate public investments. We start with a brief overview of recent developments in public investments, including some methodological issues, and provide a literature overview of the effect of public investments on growth. On the basis of updated estimates of the public capital stock, we estimate the output response to a public capital impulse, using VAR models. In addition, using a structural model, we investigate the sensitivity of the macroeconomic impact of an increase in public investments to alternative assumptions about economic structures and policy implementations.
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In: ECB Working Paper No. 2021
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Working paper