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Israel 1983: A Bout of Unpleasant Monetarist Arithmetic
Sargent, Thomas J; Zeira, Joseph - C.E.P.R. Discussion Papers - 2008
From 1970 to 1985, Israel experienced high inflation. It rose in three jumps to new plateaus and eventually exceeded … of fallen bank shares caused the last big jump in inflation that occurred in October 1983. Bank shares had just collapsed …. Because that was foreseen, inflation immediately rose as predicted by the unpleasant monetarist arithmetic of Sargent and …
Persistent link: https://www.econbiz.de/10005667001
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Disinflation, Fiscal Consolidation and the Role of Monetary and Fiscal Regimes.
McKibbin, W. - Research School of Economics, College of Business and … - 1996
This paper explores the interaction of monetary and fiscal regimes and discrete policy shifts in the Australian Economy.
Persistent link: https://www.econbiz.de/10004977268
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How Large Are the Effects of Tax Changes?
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2009
multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that … includes output, government spending and revenues, inflation and the nominal interest rate) does not rely upon the assumption …
Persistent link: https://www.econbiz.de/10005082536
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Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy
Favero, Carlo A.; Giavazzi, Francesco; Perego, Jacopo - C.E.P.R. Discussion Papers - 2011
This paper shows how the richer frequency and variety of fiscal policy shocks available in an international sample can be analyzed recognizing the heterogeneity that exists across different countries. The main conclusion of our empirical analysis is that the question 'what is the fiscal policy...
Persistent link: https://www.econbiz.de/10009201121
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Fiscal Adjustment to Cyclical Developments in the OECD: An Empirical Analysis Based on Real-Time Data
Beetsma, Roel; Giuliodori, Massimo - C.E.P.R. Discussion Papers - 2008
We explore how fiscal policies in the OECD have responded to unexpected information about the economy during the period 1995-2006. In particular, we first estimate standard fiscal rules using ex-ante data (i.e. forecasts). We then estimate how fiscal policy reacts to new information, especially...
Persistent link: https://www.econbiz.de/10005791832
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Budgeting versus implementing fiscal policy in the EU
Beetsma, Roel; Giuliodori, Massimo; Wierts, Peter - C.E.P.R. Discussion Papers - 2009
Using real-time data from Europe's Stability and Convergence Programs, we explore how fiscal plans and their implementation in the EU are determined. We find that (1) implemented budgetary adjustment falls systematically short of planned adjustment and this shortfall increases with the...
Persistent link: https://www.econbiz.de/10005041099
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Reconciling VAR-based and Narrative Measures of the Tax-Multiplier
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2010
methods is generated by the choice of a limited information approach in their estimation and not by the different nature of …
Persistent link: https://www.econbiz.de/10008468626
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What are the Effects of Fiscal Policy Shocks?
Mountford, Andrew; Uhlig, Harald - C.E.P.R. Discussion Papers - 2002
We investigate the effects of fiscal policy surprises for US data, using vector autoregressions. We overcome the difficulties that changes in fiscal policy may manifest themselves in variables other than fiscal variables first and that fiscal variables may respond ‘automatically’ to business...
Persistent link: https://www.econbiz.de/10005124017
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Debt and the Effects of Fiscal Policy
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2007
A shift in taxes or in government spending (a ”fiscal shock”) at some point in time puts a constraint on the path of taxes and spending in the future, since the government intertemporal budget constraint will eventually have to be met. This simple fact is surprisingly overlooked in analyses...
Persistent link: https://www.econbiz.de/10005497892
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The Effects of Tax Shocks on Output: Not So Large, But Not Small Either
Perotti, Roberto - C.E.P.R. Discussion Papers - 2011
In a seminal contribution, Romer and Romer (2010) introduce a new dataset of exogenous tax changes and estimate a tax multiplier at 3 years of about -3. These results have been criticized as implausibly large. In this paper, I argue that on theoretical grounds the discretionary component of...
Persistent link: https://www.econbiz.de/10008854466