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Price Differentials in Monetary Unions: The Role of Fiscal Shocks
Open accessAbstract
We study the effect of regional expenditure and revenue shocks on price differentials for 47 US states and 9 EU countries. We identify shocks using sign restrictions on the dynamics of expenditures, revenues, deficits and output and construct two estimates for structural price differentials dynamics, one for the average and one for each unit, which optimally weight information contained in the data for all units. On average, expansionary fiscal disturbances produce positive, while distortionary balance budget shocks produce negative price differential responses. The negative price differentials responses in some units is partially explained by spillovers and labour supply effects.
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Citations
Cited by
What are the effects of fiscal policy shocks?
Mountford, A., & Uhlig, H. (2009) · Journal of Applied Econometrics · doi:10.1002/jae.1079 · Cited by 1,349
Estimating the Effects of Fiscal Policy in OECD Countries
Perotti, R. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.358082 · Cited by 1,016
Fiscal Stimulus in a Monetary Union: Evidence from US Regions
Nakamura, E., & Steinsson, J. (2014) · American Economic Review · doi:10.1257/aer.104.3.753 · Cited by 911
Sign Restrictions in Structural Vector Autoregressions: A Critical Review
Fry, R., & Pagan, A. (2011) · Journal of Economic Literature · doi:10.1257/jel.49.4.938 · Cited by 688
Fiscal policy in good and bad times
Candelon, B., & Lieb, L. (2013) · Journal of Economic Dynamics and Control · doi:10.1016/j.jedc.2013.09.001 · Cited by 84
Metadata
- Authors
- Canova, F., & Pappa, E.
- Venue
- The Economic Journal
- Publisher
- Oxford University Press (OUP)
- Published
- 2007-04-01
- Volume
- 117
- Issue
- 520
- Pages
- 713-737
- ISSN
- 0013-0133 (ISSN-L)
- 1468-0297
- OpenAlex
- W2125077671
- Cited by
- 212
- References
- 0
- FWCI
- 20.13
- Type
- journal article
- Language
- en
- Open access
- green
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- Canova, F., & Pappa, E. (2007). Price Differentials in Monetary Unions: The Role of Fiscal Shocks. The Economic Journal. https://doi.org/10.1111/j.1468-0297.2007.02047.x
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