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New Keynesian versus old Keynesian government spending multipliers
Cogan, John F.; Cwik, Tobias; Taylor, John B.; Wieland, … - C.E.P.R. Discussion Papers - 2009
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
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Fiscal stimulus and the promise of future spending cuts
Wieland, Volker - C.E.P.R. Discussion Papers - 2009
Recent evaluations of the fiscal stimulus packages enacted in 2009 in the United States and Europe such as Cogan, Cwik, Taylor and Wieland (2009) and Cwik and Wieland (2009) suggest that the GDP effects will be modest due to crowding-out of private consumption and investment. Corsetti, Meier and...
Persistent link: https://www.econbiz.de/10008502581
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Innovation Complimentarity and Scale of Production
Miravete, Eugenio J; Pernías, Jose C - C.E.P.R. Discussion Papers - 2004
This Paper is an empirical study on the existence of complementarity between product and process innovation. We present … the existence of complementarity among production and innovation strategies. We apply the model to analyse the Spanish … significant complementarity between product and process innovation. We are able to separate the nature of complementarity …
Persistent link: https://www.econbiz.de/10005123646
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Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience
Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1995
In earlier work we documented two episodes in which a sharp fiscal consolidation was associated with a surprisingly large expansion in private domestic demand. In this paper we draw on further evidence to investigate if and when fiscal policy changes can have such non-Keynesian effects. In the...
Persistent link: https://www.econbiz.de/10005136472
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On the Ineffectiveness of Tax Policy in Altering Long- Run Growth: Harberger's Superneutrality Conjecture
Asea, Patrick; Mendoza, Enrique G; Milesi-Ferretti, … - C.E.P.R. Discussion Papers - 1996
Harberger’s superneutrality conjecture contends that, although in theory the mix of direct and indirect taxes affects investment and growth, in practice tax policy is ineffective as an instrument to promote growth. This paper provides evidence to support this view by examining the predictions...
Persistent link: https://www.econbiz.de/10005136639
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Public investment: a remedy or a curse? Examining the Role of Public Investment for Macroeconomic Performance
Ismihan, Mustafa; Ozkan, F Gulcin - C.E.P.R. Discussion Papers - 2007
This paper explores the implications of public investment for macroeconomic performance within a simple two-period policymaking model. We show that under the balanced-budget rule, the contribution of public investment to future output plays a key role in determining its effects on macroeconomic...
Persistent link: https://www.econbiz.de/10005791555
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Privatization, Public Deficit Finance, and Investment in Infrastructure
Christodoulakis, Nikos; Katsoulacos, Yannis - C.E.P.R. Discussion Papers - 1993
The paper presents a theoretical analysis of the relationship between privatization and public deficit finance. We examine the optimal magnitude of public asset sales and the extent to which privatization can be used to reduce taxes, or, to retire public debt, for two cases. In the first,...
Persistent link: https://www.econbiz.de/10005497891
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Fiscal Policy and Growth in the OECD
de la Fuente, Angel - C.E.P.R. Discussion Papers - 1997
This paper investigates the impact of public expenditures and taxation on economic growth using panel data for a sample of OECD countries. The empirical results suggest that fiscal policy influences growth through three main channels. First, the government contributes directly to factor...
Persistent link: https://www.econbiz.de/10005504646
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Public Investment and Welfare: Theory and Empirical Implications
Jappelli, Tullio; Ripa di Meana, Andrea - C.E.P.R. Discussion Papers - 1994
This paper analyses the determinants of public expenditures allocated to investment. We perform welfare analysis in an overlapping generations model with public consumption, public investment, debt and taxes. The optimal public investment share depends positively on the productive contribution...
Persistent link: https://www.econbiz.de/10005666978
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Impulse Response Matching Estimators for DSGE Models
Guerron-Quintana, Pablo A.; Inoue, Atsushi; Kilian, Lutz - C.E.P.R. Discussion Papers - 2014
One of the leading methods of estimating the structural parameters of DSGE models is the VAR-based impulse response matching estimator. The existing asymptotic theory for this estimator does not cover situations in which the number of impulse response parameters exceeds the number of VAR model...
Persistent link: https://www.econbiz.de/10011145457