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Fiscal multipliers in the COVID-19 recession

Auerbach, Alan J.; Gorodnichenko, Yuriy; McCrory, Peter B. - 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/10012705410

The impact of government spending on GDP in a remitting country

Al-Abri, Almukhtar S.; Genc, Ismail H.; Naufal, George - 2018

The literature on remittances is large and growing. However, its focus has mainly been on the effects of remittance inflows on the receiving economies. Little has been done on the sending economies. In this paper, we use data from Saudi Arabia, one of the top remitting countries in the world, to...

Persistent link: https://www.econbiz.de/10011881574

Government deficit shocks and Okun's coefficient volatility : new insights on the austerity versus growth debate

Binh Thai Pham; Sala, Hector - 2019

This paper connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert et al., 2019); (ii) Okun's coefficient is time varying and may be unstable. The intertwined dynamic behavior of fiscal shocks and unemployment-output trade-offs are...

Persistent link: https://www.econbiz.de/10012054782

The recovery from the Great Recession: a long, evolving expansion

Shambaugh, Jay C.; Strain, Michael R. - 2021

Prior to 2020, the Great Recession was the most important macroeconomic shock to the United States economy in generations. Millions lost jobs and homes. At its peak, one in ten workers who wanted a job could not find one. On an annual basis, the economy contracted by more than it had since the...

Persistent link: https://www.econbiz.de/10012405441

Fiscal policy, interest rate spreads, and the zero lower bound

Bredemeier, Christian; Jüßen, Falko; Schabert, Andreas - 2015

macroeconomic model which reproduces this observation. The model predicts that the fiscal multiplier takes conventional values …

Persistent link: https://www.econbiz.de/10010510610

Fiscal multipliers and the labour market in the open economy

Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2010

Several contributions have recently assessed the size of fiscal multipliers both in RBC models and New Keynesian models. None of the studies considers a model with frictional labour markets which is a crucial element, particularly at times in which much of the fiscal stimulus has been directed...

Persistent link: https://www.econbiz.de/10003945992

Regional consumption responses and the aggregate fiscal multiplier

Dupor, Bill; Karabarbounis, Marios; Kudlyak, Marianna; … - 2022

responses to an aggregate fiscal multiplier using a multi-region, New Keynesian model with heterogeneous agents, incomplete … markets, and trade linkages. Our model is consistent with the estimated positive local multiplier, a result that distinguishes … multiplier is twice as large as the local multiplier because trade linkages propagate the effect of government spending across …

Persistent link: https://www.econbiz.de/10013187650

European integration and employment : a new role for active policies?

Gatti, Donatella - 2002

This paper theoretically investigates the impact of European integration on employment by developing a new-keynesian model where fiscal policy effectively reduces firms' market power. Stronger product market competition is shown to reduce the marginal ability of governments to improve employment...

Persistent link: https://www.econbiz.de/10011411427

Macroeconomic volatilities and the labor market : first results from the euro experiment

Merkl, Christian; Schmitz, Tom - 2010

This paper analyzes the effects of different labor market institutions on inflation and output volatility. The eurozone offers an unprecedented experiment for this exercise: since 1999, no national monetary policies have been implemented that could account for volatility differences across...

Persistent link: https://www.econbiz.de/10003961662

Counteracting unemployment in crises : non-linear effects of short-time work policy

Gehrke, Britta; Hochmuth, Brigitte - 2018

Short-time work is a labor market policy that subsidizes working time reductions among firms in financial difficulty to prevent layoffs. Many OECD countries have used this policy in the Great Recession. This paper shows that the effects of short-time work are strongly time dependent and...

Persistent link: https://www.econbiz.de/10011845664

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