期刊名称：Bank of Finland Research Discussion Papers (früher: Bank of Finland Discussion Papers)
印刷版ISSN：0785-3572
电子版ISSN：1456-6184
出版年度：2011
卷号：2011
出版社：Suomen Pankki = Bank of Finland
摘要：Using real time data from the OECD and fiscal policy reaction functions, this
study explores euro area fiscal policies since the late 1990s. Both discretionary
plans for the budget year and policy changes during budget implementation stages
are investigated. The main focus is on the fiscal adjustment to the recent financial
and economic crisis. The results suggest that during the monetary union (EMU)
euro area planned fiscal policies have been long-term oriented and countercyclical.
In the implementation stages new policy decisions have been made as a
response to unexpected economics developments. We provide evidence that the
crisis had a clear impact on discretionary policies. Due to the increased
uncertainty, the crisis emphasized the impact of cyclical developments on fiscal
planning. In the implementation stages, huge forecast errors made in budget
planning were observed. As a consequence, new decisions were made in order to
alleviate negative impacts of the crisis on the euro area economies.
关键词：fiscal policy, real time data, planning stage, implementation stage,
cyclical sensitivity, economic crisis
