Similar Search Results

Fiscal Policy, Wealth Effects, and Markups

Monacelli, Tommaso - 2009

We document that variations in government purchases generate a rise in consumption, the real and the product wage, and a fall in the markup. This evidence is robust across alternative empirical methodologies used to identify innovations in government spending (structural VAR vs. narrative...

Persistent link: https://www.econbiz.de/10012765568

Fiscal policy in Europe : a helicopter view

Bilbiie, Florin Ovidiu; Monacelli, Tommaso; Perotti, Roberto - 2020

Persistent link: https://www.econbiz.de/10012415032

Russia's Fiscal Gap

Goryunov, Eugene - 2013

Every country faces what economists call an intertemporal (across time) budget constraint, which requires that its government's future expenditures, including the servicing of its outstanding official debt, be covered by its government's future receipts when measured in present value. The...

Persistent link: https://www.econbiz.de/10013073203

Unemployment Fiscal Multipliers

Monacelli, Tommaso - 2010

We estimate the effects of fiscal policy on the labor market in US data. An increase in government spending of 1 percent of GDP generates output and unemployment multipliers respectively of about 1.2 per cent (at one year) and 0.6 percentage points (at the peak). Each percentage point increase...

Persistent link: https://www.econbiz.de/10013144501

Defense Government Spending is Contractionary, Civilian Government Spending is Expansionary

Perotti, Roberto - 2014

Impulse responses to government spending shocks in Standard Vector Autoregressions (SVARs) typically display "expansionary" features. However, SVARs can be subject to a "non-fundamentalness" problem. "Expectations - Augmented" VARs (EVARs), which use direct measures of forecasts of defense...

Persistent link: https://www.econbiz.de/10013053152

Game Over : Simulating Unsustainable Fiscal Policy

Evans, Richard W. - 2014

simulation how long it takes for the economy to reach game over-the point where current policy can no longer be maintained. Our … simulations, based on an OLG model calibrated to the U.S. economy, produce an average duration to game over of roughly one century … premium rise as the economy gets closer to hitting its fiscal limit, suggesting that the fiscal gap and the equity premium may …

Persistent link: https://www.econbiz.de/10013064889

Generational Accounts - a Meaningful Alternative to Deficit Accounting

Auerbach, Alan J.; Gokhale, Jagadeesh; Kotlikoff, … - 2022

This paper presents a set of generational accounts (GAS) that can be used to assess the fiscal burden current generations are placing on future generations. The GAS indicate the net present value amount that current and future generations are projected to pay to the government now and in the...

Persistent link: https://www.econbiz.de/10013323576

From Deficit Delusion to the Fiscal Balance Rule : Looking for an Economically Meaningful Way to Assess Fiscal Policy

Kotlikoff, Laurence J. - 2022

on current generations. The Fiscal Balance Rule is based on the economy's intertemporal budget constraint and appears to … equal to the flow of government consumption less interest on the difference between a) the value of the economy's capital …

Persistent link: https://www.econbiz.de/10013324624

An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output

Blanchard, Olivier J.; Perotti, Roberto - 2021

This paper characterizes the dynamic effects of shocks in government spending and taxes on economic activity in the United States in the post-war period. It does so by using a mixed structural VAR/event study approach. Identification is achieved by using institutional information about the tax...

Persistent link: https://www.econbiz.de/10013228233

Fiscal Policy and Monetary Integration in Europe

Galí, Jordi; Perotti, Roberto - 2021

A popular view among economists, policymakers, and the media, is that the Maastricht Treaty and then Stability and Growth Pact have significantly impaired the ability of EU governments to conduct a stabilizing fiscal policy and to provide an adequate level of public infrastructure. In this...

Persistent link: https://www.econbiz.de/10013239944