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Macroeconomic Effects of Government Spending Shocks : New Evidence Using Natural Disaster Relief in Korea
Yang, Weonho - 2012
We investigate the macroeconomic effects of government spending shocks in Korea. We compare results obtained with two alternative approaches: the narrative approach and Structural Vector-Autoregressive model (SVAR). We propose a new methodology for identifying exogenous and unexpected fiscal...
Persistent link: https://www.econbiz.de/10013100013
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Slow to Hire, Quick to Fire : Employment Dynamics with Asymmetric Responses to News
Ilut, Cosmin L. - 2017
explanation for several seemingly unrelated facts about employment growth in macro and micro data. In particular, they generate … of employment growth to TFP shocks estimated from Census data induce significant skewness, movements in volatility and …
Persistent link: https://www.econbiz.de/10012956881
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The Effect of Shocks to Labour Market Flows on Unemployment and Participation Rates
Dixon, Robert John - 2014
that a shock to the net flow from unemployment to employment drive the unemployment rate and the participation rate in … performance. Our analysis has two special features. First, apart from the two labour market states – employment and unemployment … opposite directions while a shock to the net flow from not in the labour force to unemployment drives the rates in the same …
Persistent link: https://www.econbiz.de/10013051614
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Firm Response to Competitive Shocks : Evidence from China's Minimum Wage Policy
Hau, Harald - 2017
firms experienced competitive shocks as a function of firm location and their low-wage employment share. We find that … minimum wage hikes accelerate the input substitution from labor to capital, reduce employment growth and accelerate total …
Persistent link: https://www.econbiz.de/10012947448
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Loan Supply Shocks During the Financial Crisis : Evidence for the Euro Area
Hristov, Nikolay; Hülsewig, Oliver; Wollmershaeuser, Timo - 2021
This paper employs a panel vector autoregressive model for the member countries of the Euro Area to explore the role of banks during the slump of the real economy that followed the financial crisis. In particular, we seek to quantify the macroeconomic effects of adverse loan supply shocks, which...
Persistent link: https://www.econbiz.de/10013316038
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Absorbing Shocks : National Rainy-Day Funds and Cross-Country Transfers in a Fiscal Union
Goodspeed, Timothy - 2016
In this paper we investigate the interplay between national rainy-day funds and supra-national transfers in a fiscal union. Given that the EU has established rules limiting deficits, national rainy-day funds could in theory provide a way for countries to obey the rules and use fiscal policy, yet...
Persistent link: https://www.econbiz.de/10012979109
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Fiscal Transfers in a Monetary Union with Exit Option
Hefeker, Carsten - 2015
It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...
Persistent link: https://www.econbiz.de/10013025966
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Using Military Build-Ups to Capture Fiscal Shocks : A Reassessment
Yang, Weonho - 2014
Ramey (2011a) and others argue that increases in government spending associated with wars and military build-ups constitute a good instrument for measuring the macroeconomic effects of fiscal shocks. We argue that this instrument has two important drawbacks: the composition of government...
Persistent link: https://www.econbiz.de/10013055995
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The Transitional Dynamics of Fiscal Policy in Small Open Economies
Heijdra, Ben J.; Ligthart, Jenny E. - 2021
The paper studies the dynamic macroeconomic effects of fiscal shocks of various duration (permanent and temporary) under different financing methods (lump-sum tax and government debt). To this end, we develop an intertemporal macroeconomic model for a small open economy, featuring monopolistic...
Persistent link: https://www.econbiz.de/10013317489
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Government Spending Shocks and the Multiplier : New Evidence from the U.S. Based on Natural Disasters
Yang, Weonho - 2012
The literature on estimating macroeconomic effects of fiscal policy requires suitable instruments to identify exogenous and unanticipated spending shocks. So far, the instrument of choice has been military build-ups. This instrument, however, largely limits the analysis to the US as few other...
Persistent link: https://www.econbiz.de/10013097432