Estimating Prudent Budgetary Margins for 11 EU Countries: A Simulated SVAR Model Approach
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In this paper, a structural VAR model is estimated for 11 EU countries in order to assess the effect on the government deficit ratio of four independent economic disturbances: supply, fiscal, real private demand and monetary shocks. Based on the estimated distribution of these shocks, stochastic simulations are performed to derive estimates of...
