Christiano et al., 134
Christoffersen, 191
Claeys, 134
Coeuré and Pisani-Ferry, 18
Cohen and Follette, 126
Consumer Price Index (CPI), 199
covariance matrix, 130
Cutler, 70
cyclical conditions, 11, 57
fiscal response to, 27
Dalsgaard and de Serres, 129
De Arcangelis and Lamartina, 139
debt
definition of, 165
debt accounting
in EU15, 49
debt accumulation
response of the primary surplus to,
23, 40
debt developments
in EU15, 21
debt levels, 18, 22, 24, 25, 38, 39
reduction of, 26
debt stocks
reaction of the primary balance to, 33
debt sustainability pact, 18
debt-to-GDP ratio, 27, 50, 56, 59, 60,
173
changes in, 24
deficit
definition of, 165
deficit-to-GDP ratio, 103
Denis et al., 186, 204
Denmark
reliability of fiscal data, 183
Diamond, 70
Diebalek et al., 109
Doan et al., 41
Domar, 56
Dynamic Stochastic General
Equilibrium (DSGE) models, 127
dynamic stochastic general equilibrium
models, 120
ECOFIN Council, 18
Economic and Monetary Union (EMU),
17, 59, 123
compliance with requirements, 80
fiscal framework of, 120
fiscal indicators, 163, 177
fiscal pact, 204
fiscal rules, 163
second stage of, 23
economic cycle, 99
economic integration
effects on fiscal behaviour of, 36
Economic Policy Committee, 80
employment
equilibrium level of, 204
EU benchmark, 75
euro
purchasing power of, 60
European Central Bank (ECB), 59, 199
European Commission, 11, 17, 24, 25,
95, 101, 103, 106, 123, 126, 132,
159, 164, 170, 171, 186
output gaps, 142
reporting of fiscal data to, 178
European Statistics Code of Practice,
178
European System of Accounts (ESA),
164
Eurostat, 59, 75, 76, 77, 79, 164, 168,
169, 170, 171, 177
Excessive Deficit Procedure (EDP), 17,
119, 120
implementation of, 164
regulation of statistics, 177
expenditures
non-indexation of, 117
Fatas and Mihov, 103, 142, 146
Faust and Leeper, 134, 160
Federal Accounting Standards Advisory
Board, 70
Feldstein, 60
financial assets
identification of transactions, 177
Finn, 128
fiscal adjustment, 79
fiscal convergence criteria, 182
fiscal data
times series properties of, 20
fiscal developments, 22
220
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