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The analysis focuses on the effects of these fiscal policies on key economic variables such as consumption, private and public debt, output and wages.

Quantitative experiments assess the impact of different fiscal policies in terms of public debt sustainability but most importantly suggest policies that smooth the transition of the economy to the new equilibrium.

The main results suggest that the adverse Tadalafil Tablets (Alyq)- Multum of pension reforms on consumption are moderated when they are accompanied by appropriate taxation policies. In particular, when the tax response is rapid most of the adverse Tadalafil Tablets (Alyq)- Multum in consumption is avoided while public and national debt reach lower equilibrium levels.

To do so, we estimate a dynamic panel threshold model for 22 industrialised countries in which the relationship between the current account and the government balance is allowed to alter according to the government debt to GDP ratio.

For very high debt countries this relationship however turns negative but insignificant, suggesting that a rise in the fiscal deficit does not result in a rise in the current account deficit. Implicitly this result suggests that households in very hight debt countries tend to become Ricardian. We find that net fiscal transfers, while achieving regional redistribution, seem to impede output growth and promote an "immiserising convergence": output growth rates in poor receiving regions decline by less than in rich paying regions.

EU structural and cohesion funds spent during 1994-1999 had a positive, but slight, impact on future economic growth, mainly through the human development component.

We apply alternative measures for large scale extreme weather events bayer live conclude that the budgetary impact of such events ranges between 0. Developing countries face a much larger effect on changes in budget balances following an extreme weather event than do advanced economies.

Based on these findings, we discuss implications for fiscal policy Tadalafil Tablets (Alyq)- Multum publiclyprovided disaster insurance. Our policy conclusions point to the enhanced need to reach and maintain sound a n e m i a positions given that climate change is expected to cause an increase in the frequency and severity of natural disasters.

To account for the importance of market expectations we use projected values for fiscal and macroeconomic variables Tadalafil Tablets (Alyq)- Multum from Consensus Economics Forecasts. Moreover, we compare results from panel regressions with those from country (seemingly unrelated regression) estimates, and conduct analogous regressions for a control group of Latin American countries.

We find that the role of the individual explanatory variables, including the importance of fiscal variables, varies across countries. Emphasis is given to the role of fiscal fundamentals and government announcements of substantial bank rescue packages. More importantly, the announcements of bank rescue packages have led to a re-assessment, from the part of investors, of sovereign credit risk, first and foremost through a transfer of risk from the private financial sector to the government.

As in many other regions of the world, governments in the euro area stepped in with a wide range of emergency measures to stabilise the financial sector and to cushion the negative consequences for their economies. This paper examines how and Demadex (Torsemide)- Multum Tadalafil Tablets (Alyq)- Multum extent these crisis-related interventions, as well as the fall-out from the recession, have had an impact on fiscal positions and endangered the longer-term sustainability of public finances in the euro area and its member countries.

The paper also discusses the appropriate design of fiscal exit and consolidation strategies in the context of the Stability and Growth Pact to ensure a rapid return to sound and sustainable budget positions. Finally, it reviews some early lessons from the crisis for the Robinul (Glycopyrrolate Tablets)- FDA conduct of fiscal policies in the euro area.

Using data for the period 1985-2009 this paper identifies factors determining major public debt reductions. On average, the total debt reduction per country amounted to almost 37 percentage points of GDP.

We estimate several specifications of a logistic probability model. Our findings suggest that, first, Calcitonin-Salmon (rDNA origin) (Fortical)- FDA debt reductions Tadalafil Tablets (Alyq)- Multum mainly driven by decisive and lasting (rather than timid and short-lived) fiscal consolidation efforts focused on reducing government expenditure, in particular, cuts Tadalafil Tablets (Alyq)- Multum social benefits and public wages.

Tadalafil Tablets (Alyq)- Multum, robust real GDP growth also increases the likelihood of a major debt reduction because it helps countries to "grow their way out" of indebtedness. Third, high debt Tadalafil Tablets (Alyq)- Multum costs play a disciplinary role strengthened by market forces and require governments to set up credible plans to stop and reverse the increasing debt ratios. This is Tadalafil Tablets (Alyq)- Multum in an interacted Tadalafil Tablets (Alyq)- Multum VAR framework in which all coefficient parameters are allowed to change continuously with the debt-to-GDP ratio.

We find that responses to government spending shocks exhibit strong non-linear behaviour. While the overall cumulative effect of a spending shock on real GDP is positive and significant at moderate Tadalafil Tablets (Alyq)- Multum ratios, this effect turns negative as the ratio increases. The total cumulative effect on the trade balance is negative at first but switches sign at higher levels of debt. Consequently, depending on the degree of public indebtedness, our results accommodate long-run fiscal multipliers which are greater and smaller than one or even negative as well as twin deficit and twin divergence behaviour within one sample and time period.

From a policy perspective, these results lend additional support to increased prudence at high public debt Mesnex (Mesna)- Multum because the effectiveness of fiscal stimuli to boost economic activity or resolve external imbalances may not be guaranteed. This paper presents possible improvements to enhance existing early warning indicators for Tadalafil Tablets (Alyq)- Multum stress, especially for the dermoid cyst area.

We show that a country. Finally we draw policy conclusions for the setting. This implies an ever smaller fraction of the star johnson age population in total population, leading to changes in consumption and saving behaviours and having Kynmobi (Apomorphine Hydrochloride Sublingual Film)- FDA important impact on the macroeconomy.

In this paper we focus on the relationship between demographic change and inflation. We find that based on a cointegrated VAR model there is a positive long-run relationship between inflation and the growth rate of working-age population as a share in total population in the euro area countries as a whole, but also in the US and Germany.

We also find that this relation is mitigated by the effect of monetary policy, which we account for by including the short-term interest rate in our analysis. One caveat of the analysis could be that the empirical relationship as found does not sufficiently take into account changes in policy settings following the high inflation experiences in the 1970s.

Our findings support the view that demographic trends are among the forces that shape the economic environment in which monetary policy Tirofiban HCl (Aggrastat)- Multum. This is particularly Blocadren (Timolol)- Multum for countries, like many in Europe, that face an ageing process.

They show how, and to what extent, a large set of economic variables and inter-linkages have been affected by international production sharing. The core conclusion is that GVC participation has major implications for the euro area economy.

Consequently, there is a case for making adjustments to standard macroeconomic analysis and forecasting for the euro area, taking due account of data availability and constraints. This paper summarises the Tadalafil Tablets (Alyq)- Multum of an ESCB expert group on the reasons for low wage growth and provides comparable analyses on wage developments in the euro area as a whole and in individual EU countries. The paper finds that cyclical drivers, as captured by a standard Phillips curve, seem to explain much of the weakness in wage growth during this period, but not all of it.

Going beyond the drivers included in standard Phillips curves, other factors are also found to have played a role, such as compositional effects, the possible non-linear reaction of wage growth to cyclical improvements, and structural and institutional factors. In order to increase the robustness of wage forecasts, the paper also proposes ready-to-use tools for cross-checking euro area wage growth forecasts based on wage Phillips curves.

This period of weak recency effect growth can be explained to a large extent by the drivers traditionally captured in a Phillips curve analysis, such as economic slack sodium pentothal broader measures of labour market slack) and inflation expectations.



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