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Nontradable Goods and Fiscal Multipliers
Cuaresma, Jesus Crespo - 2020
between multiplier size and the import share. Employing an interacted panel VAR model for EU countries, we estimate the effect …
Persistent link: https://www.econbiz.de/10012823559
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What Do We Know About the Macroeconomic Effects of Fiscal Policy? A Brief Survey of the Literature on Fiscal Multipliers
Castelnuovo, Efrem - 2019
This article reviews recent research findings on the effects of fiscal multipliers in normal times, during booms/busts, and in the presence of the zero lower bound. Studies on the effects of fiscal policy in open economy settings as well as contributions on the fiscal-monetary policy mix are...
Persistent link: https://www.econbiz.de/10012892219
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The Euro Area Government Spending Multiplier in Demand- and Supply-Driven Recessions
di Serio, Mario; Fragetta, Matteo; Gasteiger, Emanuel; … - 2022
inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range …
Persistent link: https://www.econbiz.de/10013292507
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Are Fiscal Multipliers Estimated with Proxy-SVARs Robust?
Angelini, Giovanni - 2020
multiplier is sensitive to the assumption of orthogonality between total factor productivity (non-fiscal proxy) and tax shocks …. If this correlation is assumed to be zero, the tax multiplier is found to be around one. If such correlation is non …-zero, as supported by our empirical evidence, we find a tax multiplier three times as large. Second, we find the spending …
Persistent link: https://www.econbiz.de/10012827668
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Regulating Untaxable Externalities : Are Vehicle Air Pollution Standards Effective and Efficient?
Jacobsen, Mark R.; Sallee, James; Shapiro, Joseph S.; … - 2022
What is a feasible and efficient policy to regulate air pollution from vehicles? A Pigouvian tax is technologically infeasible. Most countries instead rely on exhaust standards that limit air pollution emissions per mile for new vehicles. We assess the effectiveness and efficiency of these...
Persistent link: https://www.econbiz.de/10014240477
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Can we rely upon fiscal policy estimates in countries with unreported production of 15 per Cent (or more) of GDP?
Basile, Raffaella; Chiarini, Bruno; Marzano, Elisabetta - 2011
effect on total GDP. In this setup the spending multiplier shows large long-run effects, considerably stronger than those …
Persistent link: https://www.econbiz.de/10010277384
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To React or Not? Fiscal Policy, Volatility and Welfare in the EU-3
Malley, Jim - 2008
This paper develops a dynamic stochastic general equilibrium model to examine the quantitative macroeconomic implications of countercyclical fiscal policy for France, Germany and the UK. The model incorporates real wage rigidity which is the particular market failure justifying policy...
Persistent link: https://www.econbiz.de/10012773638
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Labor Market Institutions, Fiscal Multipliers, and Macroeconomic Volatility
Böck, Maximilian; Crespo Cuaresma, Jesus; Glocker, … - 2022
We study empirically how various labor market institutions – (i) union density, (ii) unemployment benefit remuneration, and (iii) employment protection – shape fiscal multipliers and output volatility. Our theoretical model highlights that more stringent labor market institutions attenuate...
Persistent link: https://www.econbiz.de/10014083477
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On identification of Bayesian DSGE models
Koop, Gary; Pesaran, Mohammad Hashem; Smith, Ron P. - 2011
In recent years there has been increasing concern about the identification of parameters in dynamic stochastic general equilibrium (DSGE) models. Given the structure of DSGE models it may be difficult to determine whether a parameter is identified. For the researcher using Bayesian methods, a...
Persistent link: https://www.econbiz.de/10010276281
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Fiscal Performance of Minority Governments : New Empirical Evidence for OECD Countries
Potrafke, Niklas - 2019
I use new data on central and general governments for 23 OECD countries over the period 1960-2015 (unbalanced panel) to examine fiscal performance under minority governments. The results do not suggest that minority governments had higher fiscal deficits and public expenditure than majority...
Persistent link: https://www.econbiz.de/10012866314