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The Effect of Fiscal Stimulus : Evidence from Covid-19
Garza Casado, Miguel - 2020
Policymakers, faced with different options for replacing lost earnings, have had limited evidence to inform their decisions. The current economic crisis has highlighted the need for data that are local and timely so that different fiscal policy options on local economies can be more immediately...
Persistent link: https://www.econbiz.de/10012826133
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Macroeconomic Adjustment with Segmented Labor Markets
Agenor, Pierre-Richard; Aizenman, Joshua - 2022
. The basic framework considers an economy with a large informal production sector and a heterogeneous work force. The labor … improves competitiveness, and expands the formal sector at the expense of the informal sector. Hence, in a two-sector economy …
Persistent link: https://www.econbiz.de/10013308614
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Fiscal Limits in Advanced Economies
Leeper, Eric M. - 2011
control inflation and influence the economy in the usual ways. The paper discusses models of fiscal limits and their … implications and lays out a research agenda to integrate political economy and empirical considerations with general equilibrium …
Persistent link: https://www.econbiz.de/10013129132
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Monetary Science, Fiscal Alchemy
Leeper, Eric M. - 2010
Monetary policy decisions tend to be based on systematic analysis of alternative policy choices and their associated macroeconomic impacts: this is science. Fiscal policy choices, in contrast, spring from unsystematic speculation, grounded more in politics than economics: this is alchemy. In...
Persistent link: https://www.econbiz.de/10013136545
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Clearing Up the Fiscal Multiplier Morass
Leeper, Eric M. - 2011
Bayesian prior predictive analysis of five nested DSGE models suggests that model specifications and prior distributions tightly circumscribe the range of possible government spending multipliers. Multipliers are decomposed into wealth and substitution effects, yielding uniform comparisons...
Persistent link: https://www.econbiz.de/10013120209
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Macroeconomic Effects of China'S Financial Policies
Chen, Kaiji - 2018
The Chinese economy has undergone three major phases: the 1978-1997 period marked as the SOE-led economy, the 1998 …-2015 phase as the investment-driven economy, and the new normal economy since 2016. All three economies have been shaped by the … one economy to another was driven mainly by regime changes in financial policies …
Persistent link: https://www.econbiz.de/10012908470
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Clearing Up the Fiscal Multiplier Morass : Prior and Posterior Analysis
Leeper, Eric M. - 2015
We use Bayesian prior and posterior analysis of a monetary DSGE model, extended to include fiscal details and two distinct monetary-fiscal policy regimes, to quantify government spending multipliers in U.S. data. The combination of model specification, observable data, and relatively diffuse...
Persistent link: https://www.econbiz.de/10013017938
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Inspecting the Mechanism : Leverage and the Great Recession in the Eurozone
Martin, Philippe - 2014
We provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage, fiscal policy, labor costs and interest rates and we propose a strategy to separate the impact of credit cycles, excessive government spending, and sudden stops. We then ask...
Persistent link: https://www.econbiz.de/10013045645
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Pandemic Shocks and Fiscal-Monetary Policies in the Eurozone : COVID-19 Dominance During January - June 2020
Jinjarak, Yothin - 2020
This case study compares the importance of prevailing market factors against that of COVID-19 dynamics and policy responses in explaining the evolution of Eurozone (EZ) sovereign spreads during the first half of 2020. Focusing on daily Eurozone CDS spreads, we adopt a multi-stage econometric...
Persistent link: https://www.econbiz.de/10012829783
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Does Policy Communication During Covid Work?
Coibion, Olivier - 2020
Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households' expectations. We provide random subsets of participants in the Nielsen Homescan panel with different combinations...
Persistent link: https://www.econbiz.de/10012830487