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Policy Implications of Non-Linear Effects of Tax Changes on Output
Gunter, Samara R.; Riera-Crichton, Daniel; Végh, Carlos A. - National Bureau of Economic Research - 2021
-based arguments, the effect of tax changes on output is highly non-linear. The tax multiplier is essentially zero under relatively low …
Persistent link: https://www.econbiz.de/10012510525
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Fiscal Policy in the Age of COVID : Does it ‘Get in all of the Cracks?'
Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021
) Globally, fiscal policy helped offset about 8% of the downturn in COVID, with a low 'traditional' fiscal multiplier. Yet it …
Persistent link: https://www.econbiz.de/10012629513
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State Dependent Government Spending Multipliers : Downward Nominal Wage Rigidity and Sources of Business Cycle Fluctuations
Jo, Yoon J.; Zubairy, Sarah - National Bureau of Economic Research - 2022
spending multiplier is large when DNWR binds, but the nature of recession matters due to the opposing response of inflation. In …
Persistent link: https://www.econbiz.de/10013210053
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Fiscal Multipliers in the COVID19 Recession
Auerbach, Alan J.; Gorodnichenko, Yuriy; McCrory, Peter B. - National Bureau of Economic Research - 2021
In response to the record-breaking COVID19 recession, many governments have adopted unprecedented fiscal stimuli. While countercyclical fiscal policy is effective in fighting conventional recessions, little is known about the effectiveness of fiscal policy in the current environment with...
Persistent link: https://www.econbiz.de/10012794559
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The Missing Intercept : A Demand Equivalence Approach
Wolf, Christian - National Bureau of Economic Research - 2021
) a fiscal multiplier of one and so a missing intercept close to zero. I also discuss the robustness of this aggregation …
Persistent link: https://www.econbiz.de/10012794586
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Local Fiscal Multipliers and Fiscal Spillovers in the United States
Auerbach, Alan J. - 2019
We estimate local fiscal multipliers and spillovers for the United States using a rich dataset based on U.S. Department of Defense contracts and a variety of outcome variables relating to income and employment. We find strong positive spillovers across locations and industries. Both backward...
Persistent link: https://www.econbiz.de/10012479413
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Ten Years after the Financial Crisis : What Have We Learned from the Renaissance in Fiscal Research?
Ramey, Valerie A. - 2019
This paper takes stock of what we have learned from the "Renaissance" in fiscal research in the ten years since the financial crisis. I first summarize the new innovations in methodology and discuss the various strengths and weaknesses of the main approaches. Reviewing the estimates, I come to...
Persistent link: https://www.econbiz.de/10012479486
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The Fiscal Multiplier
Hagedorn, Marcus - 2019
We measure the size of the fiscal multiplier using a heterogeneous-agent model with incomplete markets, capital and …We find that market incompleteness is key to determining the size of the fiscal multiplier, which is uniquely … determined in our model for any combination of fiscal and monetary policies of interest. The multiplier is 1.34 if deficit …
Persistent link: https://www.econbiz.de/10012479524
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Is the Public Investment Multiplier Higher in Developing Countries? An Empirical Investigation
Izquierdo, Alejandro - 2019
Over the last decade, empirical studies analyzing macroeconomic conditions that may affect the size of government spending multipliers have flourished. Yet, in spite of their obvious public policy importance, little is known about public investment multipliers. In particular, the clear...
Persistent link: https://www.econbiz.de/10012480421
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Trade Flows and Fiscal Multipliers
Cacciatore, Matteo - 2020
We present novel insights on the role of international trade following unanticipated government spending and income tax changes in a flexible exchange rate environment. In a simple two-country, two-good model, we show analytically that fiscal multipliers can be larger in economies more open to...
Persistent link: https://www.econbiz.de/10012481200