Showing 1 - 10 of 11
Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modeling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy...
Persistent link: https://www.econbiz.de/10004961429
We estimate the multiplier relying on differences in spending in infrastructure across Italian provinces and an …-mafia measures on output, our results suggest a multiplier as high as 1.4 on impact, and 2 including dynamic effects. …
Persistent link: https://www.econbiz.de/10008925709
This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...
Persistent link: https://www.econbiz.de/10011083665
This paper proposes a dynamic stochastic general equilibrium model in which the government-consumption multiplier …
Persistent link: https://www.econbiz.de/10011083889
We report estimates of the fiscal multiplier for interwar Britain based on quarterly data and time-series econometrics …. We find that the government-expenditure multiplier was in the range 0.3 to 0.9 even during the period when interest rates …
Persistent link: https://www.econbiz.de/10011084469
The paper considers the response of a small, open dependent economy to a variety of fiscal and financial shocks. It also examines the influence of alternative budget-balancing rules on the response of the economy to external shocks, such as a change in the world interest rate. The approach...
Persistent link: https://www.econbiz.de/10005498001
The current control system for public expenditure in the United Kingdom dates from the Plowden Report in 1961 and was developed for a public utilities model. This paper presents detailed evidence on changes in the composition of public expenditure. A new control system is proposed that is better...
Persistent link: https://www.econbiz.de/10005281370
This Paper delivers a precise recommendation for how presidential candidates should allocate their resources to maximize the probability of gaining a majority in the Electoral College. A two-candidate, probabilistic-voting model reveals that more resources should be devoted to states which are...
Persistent link: https://www.econbiz.de/10005792233
This Paper takes a broader look at how vertical linkages can trigger the spatial agglomeration of economic activity in a ‘new economic geography’ (NEG) set-up. First, it formally establishes the key positive features of a wide class of vertical-linkage models without resorting to numerical...
Persistent link: https://www.econbiz.de/10005504527
We review a recent body of theoretical work that aims to put numbers on the consequences of globalization. A unifying theme of our survey is methodological. We rely on gravity models and demonstrate how they can be used for counterfactual analysis. We highlight how various economic...
Persistent link: https://www.econbiz.de/10011084415