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Table of Contents
Preface; Contents; 1 Introduction; 1.1 The Controversial Macroeconomic Outcomes of Fiscal Policy; 1.2 Does the Euro Area Needs a Fiscal Union?; 1.3 The Macroeconomic Outcomes of Fiscal Policy in High Debt Euro Area Countries; 1.4 Spillovers of German Fiscal Policies in the Euro Area; References; 2 The Common Framework for National Fiscal Policies and the Euro Area Fiscal Union; 2.1 Introduction; 2.2 The Common European Framework for National Fiscal Policies; 2.2.1 Preventive Arm; 2.2.2 Corrective Arm; 2.3 Towards a Euro-Area Budget for the Fiscal Union?
2.3.1 Some Comparison with Existing Federal States2.3.2 The Euro-Area Budget Architecture: Some Proposals From the Literature; 2.3.3 Other Proposals for Fiscal Union: Automatic Fiscal Stabilizers; 2.4 The Effects of Government Spending Shocks in the Euro Area. Selected Literature; 2.5 Measuring Fiscal Policy at the Euro Area Level; 2.5.1 The Response of Variables to a Euro-Area Government Spending Shock; 2.5.2 The Response of Variables to a Euro-Area Government Investments Shock; 2.6 An Alternative Identification Strategy of Government Spending Shocks.
2.6.1 Recovering Government Spending Shocks by Sign Restrictions2.6.2 Government Investment Shocks; 2.7 The Effects of Government Spending Shocks Under an Accommodative Monetary Policy; 2.8 Fiscal Multipliers: Results; 2.9 Conclusions; References; 3 The Macroeconomic Effects of Fiscal Policy Shocks: A Review of the Literature; 3.1 Introduction; 3.2 Alternative Methodologies for the Identification of Fiscal Shocks; 3.3 Structural VARs and Identification of Fiscal Shocks; 3.4 Alternative Definitions of Fiscal Multipliers; 3.5 The Dynamics Effects of Fiscal Shocks in the US Economy.
3.6 The Estimated Effects of Fiscal Shocks in the European Economy3.7 Fiscal Shocks and International Spillover Effects; 3.8 Macroeconomic Factors Shaping the Effects of Fiscal Policy; 3.8.1 The Degree of Openness and the Exchange Rate Regime; 3.8.2 The Monetary Policy Stance; 3.8.3 The Role of Public and Private Debt; 3.9 Identification of Fiscal Shocks and Fiscal Foresight; 3.10 Conclusions; References; 4 The Macroeconomic Effects of Fiscal Shocks in High Debt Euro Area Countries; 4.1 Introduction; 4.2 Some Descriptive Statistics for the National Economies; 4.3 The Econometric Approach.
4.4 Estimation Results: The Responses of Variables to Monetary and Fiscal Shocks4.4.1 The Response of National Variables to a Contractionary Common Monetary Policy Shock; 4.4.2 The Response of National Variables to a Domestic Government Spending Shock; 4.4.3 The Response of National Variables to a Domestic Government Revenues Shock; 4.5 Estimation Results: Sources of Business Cycle Fluctuations in the Six Countries; 4.5.1 The Degree of Integration of Domestic Business Cycle in the European One; 4.6 Conclusions; References5 A Further Look To Macroeconomic Outcomes of Fiscal Austerity in High Debt Countries.
2.3.1 Some Comparison with Existing Federal States2.3.2 The Euro-Area Budget Architecture: Some Proposals From the Literature; 2.3.3 Other Proposals for Fiscal Union: Automatic Fiscal Stabilizers; 2.4 The Effects of Government Spending Shocks in the Euro Area. Selected Literature; 2.5 Measuring Fiscal Policy at the Euro Area Level; 2.5.1 The Response of Variables to a Euro-Area Government Spending Shock; 2.5.2 The Response of Variables to a Euro-Area Government Investments Shock; 2.6 An Alternative Identification Strategy of Government Spending Shocks.
2.6.1 Recovering Government Spending Shocks by Sign Restrictions2.6.2 Government Investment Shocks; 2.7 The Effects of Government Spending Shocks Under an Accommodative Monetary Policy; 2.8 Fiscal Multipliers: Results; 2.9 Conclusions; References; 3 The Macroeconomic Effects of Fiscal Policy Shocks: A Review of the Literature; 3.1 Introduction; 3.2 Alternative Methodologies for the Identification of Fiscal Shocks; 3.3 Structural VARs and Identification of Fiscal Shocks; 3.4 Alternative Definitions of Fiscal Multipliers; 3.5 The Dynamics Effects of Fiscal Shocks in the US Economy.
3.6 The Estimated Effects of Fiscal Shocks in the European Economy3.7 Fiscal Shocks and International Spillover Effects; 3.8 Macroeconomic Factors Shaping the Effects of Fiscal Policy; 3.8.1 The Degree of Openness and the Exchange Rate Regime; 3.8.2 The Monetary Policy Stance; 3.8.3 The Role of Public and Private Debt; 3.9 Identification of Fiscal Shocks and Fiscal Foresight; 3.10 Conclusions; References; 4 The Macroeconomic Effects of Fiscal Shocks in High Debt Euro Area Countries; 4.1 Introduction; 4.2 Some Descriptive Statistics for the National Economies; 4.3 The Econometric Approach.
4.4 Estimation Results: The Responses of Variables to Monetary and Fiscal Shocks4.4.1 The Response of National Variables to a Contractionary Common Monetary Policy Shock; 4.4.2 The Response of National Variables to a Domestic Government Spending Shock; 4.4.3 The Response of National Variables to a Domestic Government Revenues Shock; 4.5 Estimation Results: Sources of Business Cycle Fluctuations in the Six Countries; 4.5.1 The Degree of Integration of Domestic Business Cycle in the European One; 4.6 Conclusions; References5 A Further Look To Macroeconomic Outcomes of Fiscal Austerity in High Debt Countries.