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Joined at the hip : monetary and fiscal policy in a liquidity-dependent world

Calvo, Guillermo; Velasco, Andrés - 2022

Persistent link: https://www.econbiz.de/10013166847

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

Fiscal policy in Europe : a helicopter view

Bilbiie, Florin Ovidiu; Monacelli, Tommaso; Perotti, Roberto - 2020

Persistent link: https://www.econbiz.de/10012314205

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

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

A Model of Endogenous Fiscal Deficits and Delayed Fiscal Reforms

Velasco, Andrés - 2022

This paper develops a political-economic model of fiscal policy one in which" government resources are a common property' out of which interest groups can finance" expenditures on their preferred items. This setup has striking macroeconomic implications. " First, fiscal deficits and debt...

Persistent link: https://www.econbiz.de/10013323463

Fixed Versus Flexible Exchange Rates : Which Provides More Fiscal Discipline?

Tornell, Aaron; Velasco, Andrés - 2021

In recent years the conventional wisdom has held that fixed rates provide more fiscal discipline than do flexible rates. In this paper we show that this wisdom need not hold in a standard model in which fiscal policy is endogenously determined by a maximizing fiscal authority. The claim that...

Persistent link: https://www.econbiz.de/10013310795

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

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