{"id":7175,"date":"2015-05-05T09:33:10","date_gmt":"2015-05-05T07:33:10","guid":{"rendered":"https:\/\/www.rrz.sk\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/"},"modified":"2022-03-04T14:23:30","modified_gmt":"2022-03-04T13:23:30","slug":"fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model","status":"publish","type":"post","link":"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/","title":{"rendered":"Fiscal Adjustment in Slovakia: Findings from a Medium-Scale Econometric Model"},"content":{"rendered":"<div id=\"pl-7175\"  class=\"panel-layout\" ><div id=\"pg-7175-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7175-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7175-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>\tThe multipliers associated with adjustment on the spending side are generally larger than on the revenue side, which is not uncommon for this class of models. In particular, government spending on wages, goods and services, and investment are associated with strong real-economy consequences. On the revenue side, corporate income tax, social security contributions of employees and personal income tax increases are found to be most harmful for growth. Social contributions and personal income tax adjustments also have the most pronounced effect on employment. The policy implication is that a short-run growth-friendly consolidation strategy should avoid placing too much weight on these budgetary items.<\/p>\n<p>Keywords: error correction model, fiscal rules, fiscal multipliers, neoclassical synthesis<\/p>\n<p>JEL Classification: C54, E37, E62, E63<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Alternative fiscal consolidation strategies are examined in the context of a medium-scale econometric model estimated on Slovak data. <\/p>\n","protected":false},"author":6,"featured_media":12500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"h5ap_radio_sources":[],"footnotes":""},"categories":[135,165],"tags":[177,84,69],"class_list":["post-7175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fiscal","category-studies","tag-miroslav-klucik","tag-studies","tag-working-papers-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fiscal Adjustment in Slovakia: Findings from a Medium-Scale Econometric Model - Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fiscal Adjustment in Slovakia: Findings from a Medium-Scale Econometric Model - Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165\" \/>\n<meta property=\"og:description\" content=\"Alternative fiscal consolidation strategies are examined in the context of a medium-scale econometric model estimated on Slovak data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/\" \/>\n<meta property=\"og:site_name\" content=\"Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165\" \/>\n<meta property=\"article:published_time\" content=\"2015-05-05T07:33:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T13:23:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2015\/05\/Depositphotos_31426097_DS.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1404\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"\u017dofia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u017dofia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/\",\"url\":\"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/\",\"name\":\"Fiscal Adjustment in Slovakia: Findings from a Medium-Scale Econometric Model - Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165\",\"isPartOf\":{\"@id\":\"https:\/\/www.rrz.sk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2015\/05\/Depositphotos_31426097_DS.jpg\",\"datePublished\":\"2015-05-05T07:33:10+00:00\",\"dateModified\":\"2022-03-04T13:23:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.rrz.sk\/#\/schema\/person\/110076e5e6bb2bd49456f9780d112304\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/#primaryimage\",\"url\":\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2015\/05\/Depositphotos_31426097_DS.jpg\",\"contentUrl\":\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2015\/05\/Depositphotos_31426097_DS.jpg\",\"width\":2048,\"height\":1404},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Domovsk\u00e1 str\u00e1nka\",\"item\":\"https:\/\/www.rrz.sk\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Fiscal Adjustment in Slovakia: Findings from a Medium-Scale Econometric Model\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rrz.sk\/#website\",\"url\":\"https:\/\/www.rrz.sk\/\",\"name\":\"Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165\",\"description\":\"Nez\u00e1visl\u00fd org\u00e1n monitorovania a hodnotenia v\u00fdvoja hospod\u00e1renia Slovenskej republiky\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rrz.sk\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rrz.sk\/#\/schema\/person\/110076e5e6bb2bd49456f9780d112304\",\"name\":\"\u017dofia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rrz.sk\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/92204a039000e687ecdf92a58f2978d0ff94fb9e7e5be808f35e875503368d46?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/92204a039000e687ecdf92a58f2978d0ff94fb9e7e5be808f35e875503368d46?s=96&d=mm&r=g\",\"caption\":\"\u017dofia\"},\"url\":\"https:\/\/www.rrz.sk\/en\/author\/majdekova\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Fiscal Adjustment in Slovakia: Findings from a Medium-Scale Econometric Model - Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/","og_locale":"en_US","og_type":"article","og_title":"Fiscal Adjustment in Slovakia: Findings from a Medium-Scale Econometric Model - Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165","og_description":"Alternative fiscal consolidation strategies are examined in the context of a medium-scale econometric model estimated on Slovak data.","og_url":"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/","og_site_name":"Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165","article_published_time":"2015-05-05T07:33:10+00:00","article_modified_time":"2022-03-04T13:23:30+00:00","og_image":[{"width":2048,"height":1404,"url":"https:\/\/www.rrz.sk\/wp-content\/uploads\/2015\/05\/Depositphotos_31426097_DS.jpg","type":"image\/jpeg"}],"author":"\u017dofia","twitter_card":"summary_large_image","twitter_misc":{"Written by":"\u017dofia","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/","url":"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/","name":"Fiscal Adjustment in Slovakia: Findings from a Medium-Scale Econometric Model - Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165","isPartOf":{"@id":"https:\/\/www.rrz.sk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/#primaryimage"},"image":{"@id":"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rrz.sk\/wp-content\/uploads\/2015\/05\/Depositphotos_31426097_DS.jpg","datePublished":"2015-05-05T07:33:10+00:00","dateModified":"2022-03-04T13:23:30+00:00","author":{"@id":"https:\/\/www.rrz.sk\/#\/schema\/person\/110076e5e6bb2bd49456f9780d112304"},"breadcrumb":{"@id":"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/#primaryimage","url":"https:\/\/www.rrz.sk\/wp-content\/uploads\/2015\/05\/Depositphotos_31426097_DS.jpg","contentUrl":"https:\/\/www.rrz.sk\/wp-content\/uploads\/2015\/05\/Depositphotos_31426097_DS.jpg","width":2048,"height":1404},{"@type":"BreadcrumbList","@id":"https:\/\/www.rrz.sk\/en\/fiscal-adjustment-in-slovakia-findings-from-a-medium-scale-econometric-model\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Domovsk\u00e1 str\u00e1nka","item":"https:\/\/www.rrz.sk\/en\/"},{"@type":"ListItem","position":2,"name":"Fiscal Adjustment in Slovakia: Findings from a Medium-Scale Econometric Model"}]},{"@type":"WebSite","@id":"https:\/\/www.rrz.sk\/#website","url":"https:\/\/www.rrz.sk\/","name":"Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165","description":"Nez\u00e1visl\u00fd org\u00e1n monitorovania a hodnotenia v\u00fdvoja hospod\u00e1renia Slovenskej republiky","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rrz.sk\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.rrz.sk\/#\/schema\/person\/110076e5e6bb2bd49456f9780d112304","name":"\u017dofia","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rrz.sk\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/92204a039000e687ecdf92a58f2978d0ff94fb9e7e5be808f35e875503368d46?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/92204a039000e687ecdf92a58f2978d0ff94fb9e7e5be808f35e875503368d46?s=96&d=mm&r=g","caption":"\u017dofia"},"url":"https:\/\/www.rrz.sk\/en\/author\/majdekova\/"}]}},"_links":{"self":[{"href":"https:\/\/www.rrz.sk\/en\/wp-json\/wp\/v2\/posts\/7175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rrz.sk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rrz.sk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rrz.sk\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rrz.sk\/en\/wp-json\/wp\/v2\/comments?post=7175"}],"version-history":[{"count":8,"href":"https:\/\/www.rrz.sk\/en\/wp-json\/wp\/v2\/posts\/7175\/revisions"}],"predecessor-version":[{"id":13362,"href":"https:\/\/www.rrz.sk\/en\/wp-json\/wp\/v2\/posts\/7175\/revisions\/13362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rrz.sk\/en\/wp-json\/wp\/v2\/media\/12500"}],"wp:attachment":[{"href":"https:\/\/www.rrz.sk\/en\/wp-json\/wp\/v2\/media?parent=7175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rrz.sk\/en\/wp-json\/wp\/v2\/categories?post=7175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rrz.sk\/en\/wp-json\/wp\/v2\/tags?post=7175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}