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Fiscal Adjustments and Their Effects During the Transition to the EMU |
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| Authors: | Gobbin Niko van Aarle Bas |
| Affiliation: | 1. Faculty of Economics and Business Administration, Department of General Economics, Ghent University, Hoveniersberg 24, 9000, Gent, Belgium 2. LICOS and Faculty of Economics, Catholic University of Leuven, Debériotstraat 34, 3000, Leuven, Belgium 3. Department of Applied Economics, University of Nijmegen, P.O. Box 9108, 6500 HK, Nijmegen, The Netherlands |
| Abstract: | The transition phase to EMU hasbeen accompanied by considerable monetaryand fiscal consolidation efforts in the EU.This paper analyses this consolidationprocess and its effects on economicactivity in the EU. It is tested to what extent fiscal retrenchment efforts havedepressed or stimulated private spending. Inthe case of the latter non-Keynesian effectsdominate the traditional Keynesianexpenditure effects of government spending,taxation and transfer payments. |
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