Working Papers

The WNE Working Papers series has been published by the Faculty of Economic Sciences at the University of Warsaw since 2008.

The WNE Working Papers series provides a fast, open channel for disseminating research conducted at the Faculty of Economic Sciences, University of Warsaw. The papers hosted here are working versions (pre-prints) and may evolve as authors refine their analyses, incorporate feedback, or progress through formal peer-review. What you read is the current version released by the authors, timestamped and assigned DOI/ISSN identifiers to ensure precise citation and version tracking. Copyright remains with the authors, who may, at any time, upload a revised file or add a note directing readers to a later, peer-reviewed publication.

The Working Papers series accepts articles by research employees of the Faculty and publications from conferences organised at the Faculty of Economic Sciences at the University of Warsaw. Articles should be original research papers which have not been previously published, on the subject of economics.

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Number of Results 2

WP(5/2025)468. International spillovers of fiscal news shocks

Authors: Turgut Mehmet Burak, Wesołowski Grzegorz
This paper investigates the domestic and international transmission of U.S. fiscal news shocks emphasizing the importance of the sentiment channel for the global economy. We identify these shocks using federal government spending forecasts from the S…

WP468. International spillovers of fiscal news shocks

This paper investigates the domestic and international transmission of U.S. fiscal news shocks emphasizing the importance of the sentiment channel for the global economy. We identify these shocks using federal government spending forecasts from the Survey of Professional Forecasters. Employing the local projection method, we find  that anticipated increases in U.S. government spending are expansionary domestically, leading to improved sentiment and enhanced financial conditions. On the other hand, the U.S. dollar appreciates, and the U.S. trade balance deteriorates when future fiscal expansion is expected. In the international context, we apply panel local projection models across a broad set of countries and show that positive sentiment and improved financial conditions driven by U.S. fiscal news spill over, stimulating demand and output growth in other economies. However, we find no significant effect of currency depreciation on net exports in a broad sample as rising domestic demand tends to boost imports. In turn, in a subsample of countries with high trade exposure to the U.S., the trade channel becomes significant, while financial channel diminishes in importance. At the same time, sentiment channel appears to play a significant role in all subsamples. Finally, we find that positive fiscal news shocks have strong stimulating effects (both domestic and international) during US recessions but not in expansions.


DOI: https://doi.org/10.33138/2957-0506.2025.5.468 WNE_WP468.pdf
Turgut Mehmet Burak, Wesołowski Grzegorz
government spending news shock international spillovers international business cycles

WP(38/2016)229. Partial decentralization and its influence on local governments’ spending policy. An analysis of spending for teachers and other resources needed for schools.

Authors: Kopańska Agnieszka
The aim of the paper is to analyze how limits in revenue and spending autonomy of sub-sovereign governments influence these governments' decisions. The analysis is focused on Polish towns current spending for schools in years 2002-2013. It presen…

WP229. Partial decentralization and its influence on local governments’ spending policy. An analysis of spending for teachers and other resources needed for schools.

The aim of the paper is to analyze how limits in revenue and spending autonomy of sub-sovereign governments influence these governments' decisions. The analysis is focused on Polish towns current spending for schools in years 2002-2013. It presents that revenue autonomy increases towns spending, however the results are different for various categories of expenditure. The expenses were disaggregated for spending for teachers and other schools' recourses. The first category is the most important in schools' budget and in Poland is strongly (but not completely) determined by central regulations. The second category is more decentralized. It is presented that less decentralized spendings are unified among towns and are higher in more revenue' autonomous towns, the spending autonomy doesn't influence them. In case of more decentralized tasks, differences among municipalities are important, expenditure is influenced by spending autonomy, not by revenue autonomy. These results show that less autonomous tasks crowd out others.


Kopańska Agnieszka
partial decentralization spending and revenue autonomy local government spending policy
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