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International Fiscal-Financial Spillovers : The Effect of Fiscal Shocks on Cross-Border Bank Lending

Choi, Sangyup - 2019

This paper sheds new light on the degree of international fiscal-financial spillovers by investigating the effect of domestic fiscal policies on cross-border bank lending. By estimating the dynamic response of U.S. cross-border bank lending towards the 45 recipient countries to exogenous...

Persistent link: https://www.econbiz.de/10012864117

Fiscal Multipliers and Informality

Colombo, Emilio; Furceri, Davide; Pizzuto, Pietro; … - 2022

This paper investigates the role of informality in affecting the magnitude of the fiscal multiplier in a panel of 141 countries, using the local projections method. We find a strong negative relationship between the degree of informality and the size of the fiscal multiplier. This result holds...

Persistent link: https://www.econbiz.de/10014083505

The Distributional Effects of Government Spending Shocks in Developing Economies

Furceri, Davide - 2018

consumption (with the former having larger effect), likely due to the redistributive role of transfers. Finally, we find that …

Persistent link: https://www.econbiz.de/10012922628

Stabilization Effects of Social Spending : Empirical Evidence from a Panel of OECD Countries Overcoming the Financial Crisis in the United States

Furceri, Davide - 2009

The aim of this paper is to assess the ability of social spending to smooth output shocks and to provide stabilization. The results show that overall social spending is able to smooth about 16 percent of a shock to GDP. Among its subcategories, social spending devoted to Old Age and Unemployment...

Persistent link: https://www.econbiz.de/10012442859

Government Consumption Volatility and the Size of Nations

Furceri, Davide - 2009

The aim of this paper is to analyze the relation between the volatility of government consumption and country size … countries have more volatile non-discretionary and discretionary government consumption, and also a more volatile government … economies; 3) the relation between government consumption volatility and country size is more negative for functions of …

Persistent link: https://www.econbiz.de/10012444578

The Effects of Fiscal Policy on Output : A DSGE Analysis

Furceri, Davide - 2010

consumption and a cut in the wage tax. The results are robust to different parameter calibrations and are economically significant …

Persistent link: https://www.econbiz.de/10012446129

Fiscal Policy Responsiveness, Persistence, and Discretion

Afonso, António - 2008

In this working paper, we decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample of 132 countries, our results point out that fiscal policy tends to be more persistent than responding to output variations. We also found that while the...

Persistent link: https://www.econbiz.de/10012447103

The Rise in Inequality after Pandemics : Can Fiscal Support Play a Mitigating Role?

Furceri, Davide; Loungani, Prakash; Ostry, Jonathan D.; … - 2022

Major epidemics of the last two decades (SARS, H1N1, MERS, Ebola and Zika) have been followed by increases in inequality (Furceri, Loungani, Ostry and Pizzuto, 2020). In this paper, we show that the extent of fiscal consolidation in the years following the onset of these pandemics has played an...

Persistent link: https://www.econbiz.de/10013305662

U.S. Monetary Policy Shock Spillovers : Evidence from Firm-Level Data

Arbatli, Elif C.; Firat, Melih; Furceri, Davide; … - 2022

We examine three main channels through which U.S. monetary policy shocks affect firm investment in foreign countries: (1) the balance sheet channel; (2) the financial channel of the exchange rate; and (3) the trade channel. For this purpose, we use quarterly firm-level data for 63 advanced...

Persistent link: https://www.econbiz.de/10014239400