000			01891nab#a2200277#c#4500
003			IEF
005			20180219174231.0
008			171128s2017 USA|| #####0 b|ENG|u
040			_aIEF
041			_aENG
100	1		_aAgnello, Luca _958289
245			_aHow do fiscal consolidation and fiscal stimuli impact on the synchronization of business cycles ? _c Luca Agnello, Guglielmo Maria Caporale and Ricardo M. Sousa
260			_c2017
505	0		_aDisponible en línea a través de la Biblioteca del Instituto de Estudios Fiscales. Resumen. Conclusión. Bibliografía.
650		4	_aPOLITICA FISCAL _948067
650		4	_aCONSOLIDACION _940606
650		4	_aINCENTIVOS FISCALES _947462
650		4	_aCICLOS ECONOMICOS _934579
520			_aUsing quarterly data for a panel of advanced economies, we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked. We also find: (i) some evidence of decoupling when an inflation targeting regime is unilaterally adopted; (ii)an increase in business cycle synchronization when countries fix their exchangerates and become members of a monetary union; (iii) a positive effect of bilateral trade on the synchronizationof business cycles. Global factors, such as a rise in global risk aversion and uncertainty anda reversal of nonstandard expansionary monetary policy, can also reduce the degree of co-movementof businesscycles across countries. From a policy perspective, our work shows that an inflation targeting regime coupled with simultaneous fiscal consolidations can lead to more business cycle synchronization.
700	1		_aCaporale, Guglielmo Maria _959007
700	1		_aSousa, Ricardo Magalhaes _958554
773	0		_tBulletin of Economic Research _w69170 _gv. 69, n. 4, October 2017, p. 309-329
942			_cART
942			_z149056
999			_c137308 _d137308