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In Search of the Transmission Mechanism of Fiscal Policy

Perotti, Roberto - 2012

private consumption and the real wage will fall, while some neo-keyenesian models predict the opposite. This paper discusses …

Persistent link: https://www.econbiz.de/10013105847

Fiscal Policy, Wealth Effects, and Markups

Monacelli, Tommaso - 2009

We document that variations in government purchases generate a rise in consumption, the real and the product wage, and … effect is linked to the degree of complementarity between consumption and hours. We show that the model is able to match our … the positive wealth effect on labor supply is small and therefore the negative wealth effect on consumption is, somewhat …

Persistent link: https://www.econbiz.de/10012765568

Defense Government Spending is Contractionary, Civilian Government Spending is Expansionary

Perotti, Roberto - 2014

Impulse responses to government spending shocks in Standard Vector Autoregressions (SVARs) typically display "expansionary" features. However, SVARs can be subject to a "non-fundamentalness" problem. "Expectations - Augmented" VARs (EVARs), which use direct measures of forecasts of defense...

Persistent link: https://www.econbiz.de/10013053152

Fiscal Expansions and Fiscal Adjustments in OECD Countries

Alesina, Alberto F.; Perotti, Roberto - 2021

This paper considers budget expansions and adjustments in OECD countries in the last three decades. Our main results are: i) on average fiscal expansions are the results of increases in expenditures, particularly of transfer programs, while contractions are typically due to tax increases; ii)...

Persistent link: https://www.econbiz.de/10013235877

Fiscal Policy and Monetary Integration in Europe

Galí, Jordi; Perotti, Roberto - 2021

A popular view among economists, policymakers, and the media, is that the Maastricht Treaty and then Stability and Growth Pact have significantly impaired the ability of EU governments to conduct a stabilizing fiscal policy and to provide an adequate level of public infrastructure. In this...

Persistent link: https://www.econbiz.de/10013239944

Fiscal Policy, Profits, and Investment

Alesina, Alberto F.; Ardagna, Silvia; Perotti, Roberto; … - 2021

This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. In particular, we investigate how different types of fiscal policy affect profits and , as a result, investment. We find a sizable negative effect of public spending -- and in particular of its...

Persistent link: https://www.econbiz.de/10013240622

Unemployment Fiscal Multipliers

Monacelli, Tommaso - 2010

We estimate the effects of fiscal policy on the labor market in US data. An increase in government spending of 1 percent of GDP generates output and unemployment multipliers respectively of about 1.2 per cent (at one year) and 0.6 percentage points (at the peak). Each percentage point increase...

Persistent link: https://www.econbiz.de/10013144501

Fiscal Adjustments in OECD Countries : Composition and Macroeconomic Effects

Alesina, Alberto F.; Perotti, Roberto - 2021

This ppaer studies how the composition of fiscal adjustments influences their likelihood of success, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that fiscal adjustments which rely primarily on spending cuts on transfers and the government wage bill...

Persistent link: https://www.econbiz.de/10013244895

Fiscal Policy in Europe : A Helicopter View

Bilbiie, Florin; Monacelli, Tommaso; Perotti, Roberto - 2022

We discuss the main fiscal policy issues in the Eurozone. Our goal is pedagogical: we do not make any new proposal, but try to represent fairly the various sides of the debate. We focus on two issues that are at the core of the current debate. The first is that, right from the start, the...

Persistent link: https://www.econbiz.de/10014243115

An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output

Blanchard, Olivier J.; Perotti, Roberto - 2021

This paper characterizes the dynamic effects of shocks in government spending and taxes on economic activity in the United States in the post-war period. It does so by using a mixed structural VAR/event study approach. Identification is achieved by using institutional information about the tax...

Persistent link: https://www.econbiz.de/10013228233