fiscal developments, 22
fiscal discipline, 17, 103
deterioration of, 45
fiscal framework
European, 103
implementation of, 187
fiscal gimmickry, 168
incentives, 180
reducing, 182
fiscal imbalance, 64
accruals, 81
estimates of, 78
evaluation of, 71
infinite-horizon calculation of, 72
fiscal imbalance (FI)
budget allocation component of, 79
demographic component of, 79
EU countries (percent of GDP), 93
indicator, 97
fiscal impulse, 61
fiscal indicators, 11, 97
quality of, 187
fiscal policy
automatic stabilisation through, 105
behaviour over time, 102
contribution to output variation, 141
degree of neutralising automatic
stabilisers, 152
discretionary, 60, 101
economic indicator of, 129
endogenous growth theory of, 156
non-Keynesian effects of, 130
productivity growth and, 138
stabilization role of, 17
sustainable, 46
transmission channels, 137
fiscal reaction functions, 18-21, 46, 57-
58
fiscal rules
effectiveness of, 187
fiscal shocks, 107, 130
short-term vs. long-term, 133
fiscal surveillance
in the EU, 187, 210
fiscal surveillance in the EU, 11
Forni and Momigliano, 104, 106, 108,
115
France
fiscal expansions and contractions,
147
fiscal policy responses, 138
general government balance of, 123
output gap, 125
output gap estimates, 193
reliability of fiscal data, 188
spending elasticities, 153
Gali, 135
Gali and Perotti, 62, 102, 103, 106, 111,
152
Gali et al., 130
Gaussianity, 195
Gavin and Perotti, 103
generational accounting, 63
evaluation of, 71
generational imbalance, 64
evaluation of, 73
Germany
fiscal expansions and contractions,
147
fiscal policy responses, 138
general government balance of, 123
output gap, 125
output gap estimates, 193
reliability of fiscal data, 188
spending elasticities, 153
Giavazzi and Pagano, 131
Giavazzi et al., 136
Giorno et al., 128
Girouard and André, 105, 128, 129,
149, 150, 153
Gokhale, 64, 67, 70, 76, 80
Gokhale and Smetters, 70, 75, 76, 80
Gokhale et al., 64, 73
Gordo and Nogueira Martins, 120
government balance
in EU15, 48
government debt, 19-23, 41, 75
accounting of, 21
accumulation of, 21
changes in, 168, 182
development in, 24
226