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Is Real Depreciation or More Government Deficit Expansionary? The Case of Slovenia

Is Real Depreciation or More Government Deficit Expansionary? The Case of Slovenia REFERENCESAbraham, K. G. and Haltiwanger, J. C. 1995. Real wages and the business cycle. Journal of Economic Literature 33(3): 1215-1264.Audzei, V. and Brázdik, F. 2015. Exchange rate dynamics and its effect on macroeconomic volatility. The Working Paper Series No. 7 of the Czech National Bank (CNB).Bahmani-Oskooee, M. and Kutan, A. M. 2008. Are devaluations contractionary in emerging economies of Eastern Europe?. Economic Change and Restructuring 41(1): 61-74.Barro, R. J. 1974. Are government bonds net wealth?. Journal of Political Economy 82(6): 1095-1117.10.1086/260266Barro, R. J. 1989. The Ricardian approach to budget deficits. Journal of Economic Perspectives 3(2): 37-54.10.1257/jep.3.2.37Bökemeier, B. and Stoian, A. M. 2016. Debt sustainability issues in the Central and Eastern European Countries. Bielefeld Working Papers in Economics and Management No. 07-2016, Bielefeld University, Germany.Castle, J. L. and Hendry, D. F. 2014. The real wage–productivity nexus. VOX CPER’s Policy Portal, January 13.Cebula, R. J. 1997. An empirical note on the impact of the federal budget deficit on ex ante real long term interest rates, 1973-1995. Southern Economic Journal 63(4): 1094-1099.10.2307/1061244Cebula, R. J. 2014a. Impact of federal government budget deficits on the longer-term real interest rate in the US: Evidence using annual and quarterly data, 1960-2013. Applied Economics Quarterly 60(1): 23-40.10.3790/aeq.60.1.23Cebula, R. J. 2014b. An empirical investigation into the impact of US federal government budget deficits on the real interest rate yield on intermediate-term treasury issues. 1972–2012. Applied Economics 46(28): 3483-3493.10.1080/00036846.2014.932050http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000340250400008&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f3Cebula, R. J. and Cuellar, P. 2010. Recent evidence on the impact of government budget deficits on the ex ante real interest rate yield on Moody’s Baa-rated corporate bonds. Journal of Economics and Finance 34(3): 301-307.10.1007/s12197-008-9074-yCebula, R. J., Angjellari-Dajci, F. and Foley, M. 2014. An exploratory empirical inquiry into the impact of federal budget deficits on the ex post real interest rate yield on ten year treasury notes over the last half century. Journal of Economics and Finance 38(4): 712-720.10.1007/s12197-014-9280-8Combes, J. L., Minea, A., Mustea, L. and Yogo, T. 2016. Output effects of fiscal stimulus in Central and Eastern European countries. Post-Communist Economies 28(1): 108-127.10.1080/14631377.2015.1124559Darrat, A. F. 1989. Fiscal deficits and long-term interest rates: Further evidence from annual data. Southern Economic Journal 56(2): 363-373.10.2307/1059215Darrat, A. F. 1990. Structural federal deficits and interest rates: some causality and cointegration tests. Southern Economic Journal 56(3): 752-759.10.2307/1059375Elliott, G., Rothenberg, T. J. and Stock, J. H. 1996. Efficient tests for an autoregressive unit root. Econometrica, 64(4): 813-836.10.2307/2171846Feldstein, M. 1982. Government deficits and aggregate demand. Journal of Monetary Economics 9(1): 1-20.10.1016/0304-3932(82)90047-2Findlay, D. W. 1990. Budget deficits, expected inflation and short-term real interest rates: Evidence for the US. International Economic Journal 4(3): 41-53.Globan, T. and Matošec, M. 2016. Public debt-to-GDP ratio in new EU member states: Cut the numerator or increase the denominator?. Journal for Economic Forecasting (3): 57-72.Gyódi, K. 2016. Determinants of government bond yields and contagion during the crises in the CEE countries.Hamilton, J. D. 1996. This is what happened to the oil price–macroeconomy relationship. Journal of Monetary Economics 38(2): 215–220.10.1016/S0304-3932(96)01282-2Hoelscher, G. 1986. New evidence on deficits and interest rates. Journal of Money, Credit and Banking 18(1): 1-17.10.2307/1992316Hsing, Y. 2009. Test of the J-curve for six selected new EU countries. International Journal of Economic Policy in Emerging Economies 2(1): 76-85.Hubbard, R. G., O’Brien, A. P. and Rafferty, M. P. 2014. Macroeconomics. NY, New York: Pearson.International Monetary Fund 2016. Republic of Slovenia: 2016 Article IV consultation-press release and staff report for the Republic of Slovenia. Country Report No. 16/121, May 16.Josheski, D. and Eftimoski, D. 2016. Application of IS-MP-IA model and Taylor rule to CESEE economies. Economics and Culture 13(1): 5-13.Karadam, D. Y. and Özmen, E. 2016. Real exchange rates and growth (No. 1609). ERC-Economic Research Center, Middle East Technical University.Kilian, L. 2008a. The economic effects of energy price shocks. Journal of Economic Literature 46(4): 871–909.10.1257/jel.46.4.871http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000262051200001&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f3Kilian, L. 2008b. Not all oil price shocks are alike: Disentangling demand and supply shocks in the crude oil market. CEPR Discussion Paper No. 5994.Kramolišová, V. and Spáčilová, L. 2015. Public debt and economic growth in European Union countries.Kurečić, P. and Kokotović, F. 2016, January. The EU 2020: Understanding the necessity of maintaining a sustainable fiscal policy. Political Science Forum 5(1): 14-46.McMillin, W. D. 1986. Federal deficits and short-term interest rates. Journal of Macroeconomics 8(4): 403-422.10.1016/0164-0704(86)90087-XMishkin, F. S. 2012. Macroeconomics: Policy and Practice. Boston, MA: Addison-WesleyMills, T. C. and Pentecost, E. J. 2001. The real exchange rate and the output response in four EU accession countries. Emerging Markets Review 2(4): 418-430.Mitchell, A. and Pentecost, E. J. 2001. The real exchange rate and the output response in four transition economies: A panel data study. In Exchange Rate Policies, Prices and Supply-Side Response, pp. 68-77. Palgrave Macmillan, UK.Miteza, I. 2006. Devaluation and output in five transition economies: A panel cointegration approach of Poland, Hungary, Czech Republic, Slovakia and Romania, 1993-2000. Applied Econometrics and International Development 6(1): 77-86.Narayan, P. K. and Smyth, R. 2009. The effect of inflation and real wages on productivity: New evidence from a panel of G7 countries. Applied Economics 41(10): 1285-1291.http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000265286300010&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f310.1080/00036840701537810Ostrosky, A. L. 1990. Federal government budget deficits and interest rates: Comment. Southern Economic Journal 56(3): 802-803.10.2307/1059381Papaioannou, S. 2016. Public spending, monetary policy and growth: Evidence from EU countries.Romer, D. 2000. Keynesian macroeconomics without the LM curve. The Journal of Economic Perspectives 14(2): 149-169.10.1257/jep.14.2.149Spencer, D. 2015. Higher real wages would raise productivity and boost demand. The London School of Economics and Political Science. http://blogs.lse.ac.uk/politicsandpolicy/higher-real-wages-for-workers-in-britain-would-raise-productivity-and-boost-demand/.Stavárek, D. and Miglietti, C. 2015. Effective exchange rates in central and Eastern European Countries: Cyclicality and relationship with macroeconomic fundamentals. Review of Economic Perspectives 15(2): 157-177.10.1515/revecp-2015-0015 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png South East European Journal of Economics and Business de Gruyter

Is Real Depreciation or More Government Deficit Expansionary? The Case of Slovenia

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Publisher
de Gruyter
Copyright
© 2017 South East European Journal of Economics and Business
ISSN
2233-1999
eISSN
2233-1999
DOI
10.1515/jeb-2017-0005
Publisher site
See Article on Publisher Site

Abstract

REFERENCESAbraham, K. G. and Haltiwanger, J. C. 1995. Real wages and the business cycle. Journal of Economic Literature 33(3): 1215-1264.Audzei, V. and Brázdik, F. 2015. Exchange rate dynamics and its effect on macroeconomic volatility. The Working Paper Series No. 7 of the Czech National Bank (CNB).Bahmani-Oskooee, M. and Kutan, A. M. 2008. Are devaluations contractionary in emerging economies of Eastern Europe?. Economic Change and Restructuring 41(1): 61-74.Barro, R. J. 1974. Are government bonds net wealth?. Journal of Political Economy 82(6): 1095-1117.10.1086/260266Barro, R. J. 1989. The Ricardian approach to budget deficits. Journal of Economic Perspectives 3(2): 37-54.10.1257/jep.3.2.37Bökemeier, B. and Stoian, A. M. 2016. Debt sustainability issues in the Central and Eastern European Countries. Bielefeld Working Papers in Economics and Management No. 07-2016, Bielefeld University, Germany.Castle, J. L. and Hendry, D. F. 2014. The real wage–productivity nexus. VOX CPER’s Policy Portal, January 13.Cebula, R. J. 1997. An empirical note on the impact of the federal budget deficit on ex ante real long term interest rates, 1973-1995. Southern Economic Journal 63(4): 1094-1099.10.2307/1061244Cebula, R. J. 2014a. Impact of federal government budget deficits on the longer-term real interest rate in the US: Evidence using annual and quarterly data, 1960-2013. Applied Economics Quarterly 60(1): 23-40.10.3790/aeq.60.1.23Cebula, R. J. 2014b. An empirical investigation into the impact of US federal government budget deficits on the real interest rate yield on intermediate-term treasury issues. 1972–2012. Applied Economics 46(28): 3483-3493.10.1080/00036846.2014.932050http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000340250400008&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f3Cebula, R. J. and Cuellar, P. 2010. Recent evidence on the impact of government budget deficits on the ex ante real interest rate yield on Moody’s Baa-rated corporate bonds. Journal of Economics and Finance 34(3): 301-307.10.1007/s12197-008-9074-yCebula, R. J., Angjellari-Dajci, F. and Foley, M. 2014. An exploratory empirical inquiry into the impact of federal budget deficits on the ex post real interest rate yield on ten year treasury notes over the last half century. Journal of Economics and Finance 38(4): 712-720.10.1007/s12197-014-9280-8Combes, J. L., Minea, A., Mustea, L. and Yogo, T. 2016. Output effects of fiscal stimulus in Central and Eastern European countries. Post-Communist Economies 28(1): 108-127.10.1080/14631377.2015.1124559Darrat, A. F. 1989. Fiscal deficits and long-term interest rates: Further evidence from annual data. Southern Economic Journal 56(2): 363-373.10.2307/1059215Darrat, A. F. 1990. Structural federal deficits and interest rates: some causality and cointegration tests. Southern Economic Journal 56(3): 752-759.10.2307/1059375Elliott, G., Rothenberg, T. J. and Stock, J. H. 1996. Efficient tests for an autoregressive unit root. Econometrica, 64(4): 813-836.10.2307/2171846Feldstein, M. 1982. Government deficits and aggregate demand. Journal of Monetary Economics 9(1): 1-20.10.1016/0304-3932(82)90047-2Findlay, D. W. 1990. Budget deficits, expected inflation and short-term real interest rates: Evidence for the US. International Economic Journal 4(3): 41-53.Globan, T. and Matošec, M. 2016. Public debt-to-GDP ratio in new EU member states: Cut the numerator or increase the denominator?. Journal for Economic Forecasting (3): 57-72.Gyódi, K. 2016. Determinants of government bond yields and contagion during the crises in the CEE countries.Hamilton, J. D. 1996. This is what happened to the oil price–macroeconomy relationship. Journal of Monetary Economics 38(2): 215–220.10.1016/S0304-3932(96)01282-2Hoelscher, G. 1986. New evidence on deficits and interest rates. Journal of Money, Credit and Banking 18(1): 1-17.10.2307/1992316Hsing, Y. 2009. Test of the J-curve for six selected new EU countries. International Journal of Economic Policy in Emerging Economies 2(1): 76-85.Hubbard, R. G., O’Brien, A. P. and Rafferty, M. P. 2014. Macroeconomics. NY, New York: Pearson.International Monetary Fund 2016. Republic of Slovenia: 2016 Article IV consultation-press release and staff report for the Republic of Slovenia. Country Report No. 16/121, May 16.Josheski, D. and Eftimoski, D. 2016. Application of IS-MP-IA model and Taylor rule to CESEE economies. Economics and Culture 13(1): 5-13.Karadam, D. Y. and Özmen, E. 2016. Real exchange rates and growth (No. 1609). ERC-Economic Research Center, Middle East Technical University.Kilian, L. 2008a. The economic effects of energy price shocks. Journal of Economic Literature 46(4): 871–909.10.1257/jel.46.4.871http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000262051200001&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f3Kilian, L. 2008b. Not all oil price shocks are alike: Disentangling demand and supply shocks in the crude oil market. CEPR Discussion Paper No. 5994.Kramolišová, V. and Spáčilová, L. 2015. Public debt and economic growth in European Union countries.Kurečić, P. and Kokotović, F. 2016, January. The EU 2020: Understanding the necessity of maintaining a sustainable fiscal policy. Political Science Forum 5(1): 14-46.McMillin, W. D. 1986. Federal deficits and short-term interest rates. Journal of Macroeconomics 8(4): 403-422.10.1016/0164-0704(86)90087-XMishkin, F. S. 2012. Macroeconomics: Policy and Practice. Boston, MA: Addison-WesleyMills, T. C. and Pentecost, E. J. 2001. The real exchange rate and the output response in four EU accession countries. Emerging Markets Review 2(4): 418-430.Mitchell, A. and Pentecost, E. J. 2001. The real exchange rate and the output response in four transition economies: A panel data study. In Exchange Rate Policies, Prices and Supply-Side Response, pp. 68-77. Palgrave Macmillan, UK.Miteza, I. 2006. Devaluation and output in five transition economies: A panel cointegration approach of Poland, Hungary, Czech Republic, Slovakia and Romania, 1993-2000. Applied Econometrics and International Development 6(1): 77-86.Narayan, P. K. and Smyth, R. 2009. The effect of inflation and real wages on productivity: New evidence from a panel of G7 countries. Applied Economics 41(10): 1285-1291.http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000265286300010&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f310.1080/00036840701537810Ostrosky, A. L. 1990. Federal government budget deficits and interest rates: Comment. Southern Economic Journal 56(3): 802-803.10.2307/1059381Papaioannou, S. 2016. Public spending, monetary policy and growth: Evidence from EU countries.Romer, D. 2000. Keynesian macroeconomics without the LM curve. The Journal of Economic Perspectives 14(2): 149-169.10.1257/jep.14.2.149Spencer, D. 2015. Higher real wages would raise productivity and boost demand. The London School of Economics and Political Science. http://blogs.lse.ac.uk/politicsandpolicy/higher-real-wages-for-workers-in-britain-would-raise-productivity-and-boost-demand/.Stavárek, D. and Miglietti, C. 2015. Effective exchange rates in central and Eastern European Countries: Cyclicality and relationship with macroeconomic fundamentals. Review of Economic Perspectives 15(2): 157-177.10.1515/revecp-2015-0015

Journal

South East European Journal of Economics and Businessde Gruyter

Published: Apr 1, 2017

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