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The fiscal state-dependent effects of capital income tax cuts
Fotiou, Alexandra; Shen, Wenyi; Yang, Shu-Chun S. - 2020
Using the post-WWII data of U.S. federal corporate income tax changes, within a Smooth Transition VAR, this paper finds that the output effect of capital income tax cuts is government debt-dependent: it is less expansionary when debt is high than when it is low. To explore the mechanisms that...
Persistent link: https://www.econbiz.de/10012251390
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The Effectiveness of Fiscal Policy in Stimulating Economic Activity : A Review of the Literature
Mahfouz, Selma - 2002
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal...
Persistent link: https://www.econbiz.de/10014399540
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Estimating the employment and GDP multiplier of emergency cash transfers in Brazil
Cunha, Daniel; Pereira, Joana; Perrelli, Roberto; … - 2022
We estimate the subnational employment and GDP multiplier of Brazil's 2020 federal cash transfers to vulnerable … households. Using two-stage least squares regressions we estimate a formal employment multiplier and then apply an analytical … transformation to recover an implied GDP multiplier in the range of 0.5-1.5. The lower bound of this range lies below most estimates …
Persistent link: https://www.econbiz.de/10013169975
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The effects of fiscal measures during COVID-19
Deb, Pragyan; Furceri, Davide; Ostry, Jonathan David; … - 2021
This paper empirically examines the effects of fiscal policy measures during the COVID-19 pandemic, using a novel database of daily fiscal policy announcements-classified by type of fiscal measure-and high-frequency economic indicators for 52 countries from January 1 to December 31, 2020. The...
Persistent link: https://www.econbiz.de/10012796244
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A simple macrofiscal model for policy analysis : an application to Morocco
Baksa, Dániel; Bulíř, Aleš; Cardarelli, Roberto - 2021
The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. The model focuses on only a few variables that are consistent with the New Keynesian framework. Thanks to its simplicity, it facilitates an initial and intuitive understanding of...
Persistent link: https://www.econbiz.de/10012605598
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Would population aging change the output effects of fiscal policy?
Honda, Jiro; Miyamoto, Hiroaki - 2020
Would population aging affect the effectiveness of fiscal stimulus? Despite the renewed focus on population aging, there are few empirical studies on the output effects of fiscal policy in aging economies. Our study fills this gap by analyzing this issue in OECD countries. We find that, as...
Persistent link: https://www.econbiz.de/10012251986
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Exploring the output effect of fiscal policy shocks in low income countries
Honda, Jiro; Miyamoto, Hiroaki; Taniguchi, Mina - 2020
What do we know about the output effects of fiscal policy in low income countries (LICs)? There are very few empirical studies on the subject. This paper fills this gap by estimating the output effects of government spending shocks in LICs. Our analysis-based on the local projection method-finds...
Persistent link: https://www.econbiz.de/10012252736
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Fiscal Multipliers in Bulgaria : Low But Still Relevant
Muir, Dirk - 2013
With fiscal adjustment proceeding quickly in Bulgaria and given the weak economic growth environment, there is keen interest in making the budget composition more growth friendly. This paper quantifies the short-term impact of fiscal policy on economic activity in Bulgaria using econometric and...
Persistent link: https://www.econbiz.de/10014395379
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Uncertainty and public investment multipliers : the role of economic confidence
Gbohoui, William - 2021
This paper investigates how macroeconomic uncertainty affects the fiscal multiplier of public investment. In theory …, uncertainty can reduce the multiplier if the private sector becomes more cautious and does not respond to the fiscal stimulus …. Conversely, it can increase the fiscal multiplier if public investment shocks improve private agents' expectations about future …
Persistent link: https://www.econbiz.de/10012796171
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The fiscal multiplier of public investment : the role of corporate balance sheet
Espinoza, Raphael; Gamboa-Arbelaez, Juliana; Sy, Mouhamadou - 2020
theory (Myers 1977). We also find that the effect of public investment on corporate investment is much weaker for firms that …
Persistent link: https://www.econbiz.de/10012391930