Abstract
Brandner, Diebalek and Kohler-Toglhofer assess fiscal policy in Austria over the period 1976-2004 by decomposing the observed budget balance into: a core balance, estimated by means of an unobserved components model; the effect of automatic fiscal stabilizers (as calculated by the European Commission); the impact of discretionary policy responses to the business cycle, econometrically estimated; and a residual.
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