fiscal discipline, 17, 101
deterioration of, 42
fiscal framework
European, 101
implementation of, 182
fiscal gimmickry, 164
incentives, 175
reducing, 177
fiscal imbalance, 64
accruals, 79
estimates of, 77
evaluation of, 70
infinite-horizon calculation of, 71
fiscal imbalance (FI)
budget allocation component of, 78
demographic component of, 78
EU countries (percent of GDP), 92
indicator, 96
fiscal impulse, 61
fiscal indicators, 11, 96
quality of, 182
fiscal policy
automatic stabilisation through, 103
behaviour over time, 100
contribution to output variation, 139
degree of neutralising automatic
stabilisers, 150
discretionary, 60, 99
economic indicator of, 127
endogenous growth theory of, 154
non-Keynesian effects of, 128
productivity growth and, 136
stabilization role of, 17
sustainable, 43
transmission channels, 135
fiscal reaction functions, 18, 21, 45, 56,
57
fiscal rules
effectiveness of, 182
fiscal shocks, 105, 128
short-term vs. long-term, 131
fiscal surveillance
in the EU, 182
fiscal surveillance in the EU, 11
Forni and Momigliano, 102, 104, 106,
113
France
fiscal expansions and contractions,
145
fiscal policy responses, 136
general government balance of, 121
output gap, 123
output gap estimates, 189
reliability of fiscal data, 183
spending elasticities, 151
Gali, 133
Gali and Perotti, 62, 100, 101, 104, 109,
150
Gali et al., 128
Gaussianity, 191
Gavin and Perotti, 101
generational accounting, 63
evaluation of, 70
generational imbalance, 64
evaluation of, 72
Germany
fiscal expansions and contractions,
145
fiscal policy responses, 136
general government balance of, 121
output gap, 123
output gap estimates, 189
reliability of fiscal data, 183
spending elasticities, 151
Giavazzi and Pagano, 129
Giavazzi et al., 134
Giorno et al., 126
Girouard and André, 103, 126, 127,
147, 148, 151
Gokhale, 64, 67, 70, 74, 79
Gokhale and Smetters, 70, 74, 79
Gokhale et al., 64, 72
Gordo and Nogueira Martins, 118
government balance
in EU15, 47
government debt, 19, 21, 23, 41, 73
accounting of, 21
accumulation of, 21
changes in, 164, 177
development in, 24
expected return on, 21
interest rate on, 27
221
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