On Constraining Fiscal Policy Discretion in EMU

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Fiscal Policies and Business Cycles in an Enlarged Euro Area (2008, methodology): “We follow Fatas and Mihov (2003a) and define the non-systematic or autonomous part of the fiscal balance as the part that cannot be predicted given the cyclical movements or easily observable control variables.18 The autonomous fiscal balance can thus be derived as the difference between the actual…”
From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons (2010, unknown): “68 A similar strategy is carried out by Fatás and Mihov (2003) in order to eliminate automatic fiscal responses to the business cycle and get an indicator of discretionary fiscal policy.”
Policy mix and debt sustainability: evidence from fiscal policy rules (2006, background): “32The breakdate around 1995 for Spain, the Netherlands and Austria is consistent with evidence in Fatas and Mihov (2003).”
Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-Cyclical? (2014, unknown): “For instance, Fatas and Mihov (2003) use this approach and find that the residuals of the fiscal policy reaction functions of euro area countries diminished over time, indicating less reliance on discretionary fiscal policy.”