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Romer, Christina D.; Romer, David H. - 2022

This paper analyzes the contributions of monetary and fiscal policy to postwar economic recoveries. We find that the Federal Reserve typically responds to downturns with prompt and large reductions in interest rates. Discretionary fiscal policy, in contrast, rarely reacts before the trough in...

Persistent link: https://www.econbiz.de/10013309225

State-dependent local projections : understanding impulse response heterogeneity

Cloyne, James S.; Jordà, Òscar; Taylor, Alan M. - 2023

Persistent link: https://www.econbiz.de/10013540547

Measuring the Output Responses to Fiscal Policy

Auerbach, Alan J. - 2010

A key issue in current research and policy is the size of fiscal multipliers when the economy is in recession. We …

Persistent link: https://www.econbiz.de/10013138770

The Time for Austerity : Estimating the Average Treatment Effect of Fiscal Policy

Jordà, Òscar - 2013

After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...

Persistent link: https://www.econbiz.de/10013076565

Macroeconomic Frameworks

Auerbach, Alan J. - 2019

study the effects of fiscal stimulus. Our small-open-economy empirical setting permits us to estimate key macroeconomic …

Persistent link: https://www.econbiz.de/10012861210

Monetary and Fiscal Remedies for Deflation

Auerbach, Alan J. - 2011

Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short-term nominal interest rate renders open-market operations ineffective for achieving macroeconomic stabilization goals. In an earlier paper, we showed that this reasoning does...

Persistent link: https://www.econbiz.de/10013133109

Understanding the Fiscal Theory of the Price Level

Christiano, Lawrence J.; Fitzgerald, Terry J. - 2021

Persistent link: https://www.econbiz.de/10013223567

The Evolution of Economic Understanding and Postwar Stabilization Policy

Romer, Christina D.; Romer, David H. - 2022

functioning of the economy and the effects of policy. We document the changes in beliefs using contemporaneous discussions of the … economy and policy by monetary and fiscal policymakers and, for the period since the late 1960s, using the Federal Reserve …'s internal forecasts. We find that policymakers' understanding of the economy has not exhibited steady improvement. Instead, the …

Persistent link: https://www.econbiz.de/10013322316

Decomposing the Fiscal Multiplier

Cloyne, James; Jordà, Òscar; Taylor, Alan M. - 2022

existing conditions in the economy. Using the IMF fiscal consolidations dataset for identification and a new decomposition …

Persistent link: https://www.econbiz.de/10013306480

Activist Fiscal Policy to Stabilize Economic Activity

Auerbach, Alan J. - 2010

recent efforts to stimulate the economy, reaching two main conclusions. First, policy interventions have increased in this …

Persistent link: https://www.econbiz.de/10013150639