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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

Monetary and Fiscal Policies in an Open Economy

Frenkel, Jacob A.; Mussa, Michael L. - 2021

The central theme of this paper is that international linkages between national economies influence, in fundamentally important ways, the effectiveness and proper conduct of national macroeconomic policies. Specifically, our purpose is to summarize the implications for the conduct of...

Persistent link: https://www.econbiz.de/10013249720

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 Policies, Debt, and International Economic Interdependence

Frenkel, Jacob A.; Razin, Assaf - 2021

international transmission of fiscal policies.The dependence of the patterns of consumption in one country on fiscal policiesin the … immediate increase in foreign private sector's consumption and thereby results in a positive current transmission. These …

Persistent link: https://www.econbiz.de/10013223092

The International Transmission and Effects of Fiscal Policies

Frenkel, Jacob A.; Razin, Assaf - 2021

the relation among the intercountry patterns of consumption, long and short-term real rates of interest, real exchange …

Persistent link: https://www.econbiz.de/10013225419

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