000			01897nab#a2200265#c#4500
999			_c68353 _d68353
003			IEF
005			20210604122007.0
008			160909s2015 ESP|| #####0 b|ENG|u
040			_aIEF _cES-MaIEF
041			_aENG
100	1		_aCarnot, Nicolas _959169
245			_aThe Discretionary Fiscal Effort _b An Assessment of Fiscal Policy and its Output Effect _c Nicolas Carnot, Francisco de Castro
260			_c2015
500			_aDispone de versión electrónica. Resumen. Bibliografía. Conclusión.
520			_aThis paper presents an indicator of the fiscal stance that combines features of the bottom-up, narrative approach on the revenue side with a refined version of the top-down, traditional approach of the structural balance on the expenditure side. With these characteristics the indicator offers an image of fiscal policy that assuages the «endogeneity problems» of the structural balanceand avoids the «indeterminacy» of the narrative approach. This indicator is used to shed light on EU fiscal policies and estimate the average short-term outputeffects of fiscal policy. Results indicate that, with exceptions, fiscal policyhas been conducted in a more stop and go and pro-cyclical fashion over the pastdecade than suggested by traditional indicators. The fiscal multiplier is estimated at around 0.75 on average, with higher (resp. lower) multipliers associatedwith expenditure (resp. revenue) shocks, and higher (resp. lower) multipliers in times of declining (resp. increasing) output gaps.
650		4	_aUNION EUROPEA _948644
650		4	_aPOLITICA FISCAL _948067
650		4	_aEFECTO MULTIPLICADOR _960117
700	1		_aCastro Fernández, Francisco de _99611
773	0		_tHacienda Pública Española _w34570 _gn. 215 (4/2015), p. 63-94
856			_uhttps://hpe-rpe.org/published-articles/#91-wpfd-215-4-2015
942			_cART _2udc
942			_2udc