중동부유럽
연구정보
[정책] How well-behaved are revisions to quarterly fiscal data in the euro area?
중동부유럽 일반 국외연구자료 연구보고서 ECB 발간일 : 2022-07-01 등록일 : 2022-07-10 원문링크
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Since most macroeconomic data are revised after the initial release both researchers andpolicy-makers have no choice rather than recognising and understanding the revisions. Thispaper analyses revisions to the fiscal data in the euro area, also by contrasting them with the’better-understood’ macro revisions. Concretely, the study verifies whether fiscal revisionsfulfil requirements to treat them as well-behaved. To this end, we construct a fiscal quarterlyreal-time dataset, which contains quarterly releases of Government Finance Statistics andwhich is supplemented by macro variables from Main National Accounts. Fiscal revisionsdo not satisfy desirable properties expected from well-behaved revisions. In particular, theytend to have a positive bias, they exhibit a big dispersion and they are largely predictable.Also, they are similar to macro revisions, in particular since 2014, which contradicts theoften heard view about fiscal data being subject to particularly large revisions.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.
| 이전글 | [경제] Eurosystem staff macroeconomic projections for the euro area, June 2022 | 2022-06-30 |
|---|---|---|
| 다음글 | [경제] Startup Types and Macroeconomic Performance in Europe | 2022-07-17 |
