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A simple macrofiscal model for policy analysis : an application to Cambodia
Baksa, Dániel; Bulíř, Aleš; Heng, Dyna - 2020
The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. Our canonical model is adapted to Cambodia and we demonstrate its application with an illustrative scenario of macroeconomic effects of the Covid-19 pandemic. Complemented with...
Persistent link: https://www.econbiz.de/10012391950
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Government spending effects in a policy constrained environment
Mao, Ruoyun; Yang, Shu-Chun S. - 2020
The theoretical literature generally finds that government spending multipliers are bigger than unity in a low interest rate environment. Using a fully nonlinear New Keynesian model, we show that such big multipliers can decrease when 1) an initial debt-to-GDP ratio is higher, 2) tax burden is...
Persistent link: https://www.econbiz.de/10012251969
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How big are fiscal multipliers in Latin America?
Restrepo L., Jorge Enrique - 2020
multipliers for the United States. With these results, it computes the cumulative multiplier of Ramey and Zubairy (2018), now … multiplier is much larger than the cumulative spending one. Hence, the conclusions depend on the definition of multiplier. This …
Persistent link: https://www.econbiz.de/10012170143
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Fiscal policy multipliers in small states
Alichi, Ali; Shibata, Ippei; Tanyeri, Kadir - 2019
Government debt in many small states has risen beyond sustainable levels and some governments are considering fiscal consolidation. This paper estimates fiscal policy multipliers for small states using two distinct models: an empirical forecast error model with data from 23 small states across...
Persistent link: https://www.econbiz.de/10012009996
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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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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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The euro-area government spending multiplier at the effective lower bound
Amendola, Adalgiso; Di Serio, Mario; Fragetta, Matteo; … - 2019
economy is at the effective lower bound (ELB) or in normal times does not seem to matter for the size of the multiplier … average multiplier is about 1 in normal times and between 1.6 and 2.8 at the ELB, depending on the specification. The … difference between the two multipliers is distributed largely away from zero. More generally, the multiplier is inversely …
Persistent link: https://www.econbiz.de/10012102056
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Empirical estimation of fiscal multipliers in MENA oil-exporting countries with an application to Algeria
El Khdari, Maria; Souissi, Moez; Jewell, Andrew - 2018
At a time when Algeria must undertake considerable fiscal consolidation to restore sustainability, the issue of fiscal multipliers has come to the fore. This paper estimates short-term and long-term fiscal multipliers for Algeria applying several econometric methodologies, including Local...
Persistent link: https://www.econbiz.de/10011866389
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How strong are fiscal multipliers in the GCC? : an empirical investigation
Espinoza, Raphael; Senhadji-Semlali, Abdel - 2011
Persistent link: https://www.econbiz.de/10009486213
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What determines government spending multipliers?
Corsetti, Giancarlo; Meier, André; Müller, Gernot J. - 2012
This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...
Persistent link: https://www.econbiz.de/10009618568