Fiscal policy and monetary integration in Europe

By J. Gaĺı, Roberto Perotti. 2003

860 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/c3690492ad5c572e80c893c7043d8dd437daa0a9

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In Economics and Econometrics

Citations in the corpus

Fiscal Policy in Real Time (2012, neutral): “In the light of these arguments, we assess the impact of incorporating real-time information based on a more encompassing fiscal policy reaction function, similar to the one proposed by Galì and Perotti (2003).”
Stability and Growth in Europe: Towards a Better Pact (2004, neutral): “29 Gali and Perotti (2003) argue, in contrast, that fiscal policies in European countries were more pro-cyclical before 1992.”
Fiscal Decentralization and the Business Cycle: An Empirical Study of Seven Federations (2010, positive): “For both Germany (Gali and Perotti, 2003) and the United States (Talvi and Végh, 2000), the procyclical correlation for the states contrasts with modestly countercyclical federal expenditures.”
Procyclical Fiscal Policy in Developing Countries: Truth or Fiction? (2008, neutral): “This estimation strategy has been used in this context by Braun (2001), Galí and Perotti (2003), and Lane (2003).”
What Accounts for the Changes in U.S. Fiscal Policy Transmission? (2008, neutral): “…de cit is adjusted according to the following rule: d̂s;t = d̂s;t 1 + gGY gt + bb̂t; (16) where b̂t Bt= (Pt 1Yt 1) is real debt divided by last period s output, so that it remains a state variable: Rules of this type have been studied extensively, see e.g. Bohn (1998) and Galí and Perotti (2003).”
The impact of extreme weather events on budget balances (2009, neutral): “A vast literature has emerged on identifying the factors that drive fiscal balances and the accumulation of debt (see, for example, Tujula and Wolswijk 2007; Hallerberg et al. 2004; Hallerberg and von Hagen 1999; Woo 2003; Gali and Perotti 2003).”
Policy Volatility, Institutions, and Economic Growth (2013, positive): “This is reminiscent of the instruments used by Gali and Perotti (2003), who use foreign output gaps to instrument for domestic output gap.”
Fiscal policy responsiveness, persistence, and discretion (2010, neutral): “For example, Gavin and Perotti (1997a) find that fiscal policy is highly pro-cyclical in Latin America; Kaminsky, Reinhart, and Vegh (2004) find that fiscal policy is pro-cyclical in their sub-sample of 83 low- and middle-income countries; Braun (2001) finds that government expenditure is pro-cyclic”
Targeting the Structural Balance (2007, positive): “Galì and Perotti (2003) find that since the Maastricht treaty and the SGP, discretionary fiscal policy in EMU countries has become more countercyclical over time, following what appears to be a trend that affects other industrialized countries as well.”
The economic effects of fiscal policy: The case of Spain (2008, background): “29 Galí and Perotti (2003) conclude that fiscal policy in Spain has become more countercyclical in the post-Maastricht period.”
Why is Fiscal Policy Often Procyclical (2008, positive): “Here we cope with this problem as suggested in recent work by Jaimovich and Panizza (2007) and by Galí and Perotti (2003)—namely, we estimate β i by instrumental variables, instrumenting the output gap of country i with the output gap of the region of country i (excluding country i itself).”
Flexible Fiscal Rules and Countercyclical Fiscal Policy (2016, positive): “However, other empirical work found that numerical fiscal rules had been associated with less procyclical fiscal behaviors in the European Union (Galí and Perotti, 2003 and Manasse, 2006).”
The European Union: A Politically Incorrect View (2004, neutral): “Gali and Perotti (2003) show that both criticisms do not stand up to careful scrutiny.”