Do fiscal rules constrain fiscal policy? A meta-regression-analysis

Friedrich Heinemann, Marc-Daniel Moessinger and Mustafa Yeter

No 16-027, ZEW Discussion Papers from ZEW - Leibniz Centre for European Economic Research

Abstract: We implement a meta-regression-analysis for the budgetary impact of numerical fiscal rules. Based on 30 studies published in the last decade, we offer a consensus estimate with respect to the level of statistical significance, provide suggestive evidence for the effect size, and identify study features of relevance for the measured impact of fiscal rules. Overall, the results document a constraining impact of rules. However, this impact is weakened if refined identification strategies are employed. Moreover, the results provide evidence for a publication bias in which journals are more likely to report constraining and statistically significant effects compared to working papers. We further provide recommendations for future research on the budgetary impact of fiscal rules.

Keywords: fiscal rules; meta-regression-analysis; public finances (search for similar items in EconPapers)
JEL-codes: H50 H6 H63 (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-mac, nep-pbe and nep-pub
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (64)

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Related works:
Journal Article: Do fiscal rules constrain fiscal policy? A meta-regression-analysis (2018)
Working Paper: Do Fiscal Rules Constrain Fiscal Policy? A Meta-Regression-Analysis (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:zewdip:16027

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