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Effects of Fiscal Stimulus in Structural Models
Kumhof, Michael - 2010
The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of...
Persistent link: https://www.econbiz.de/10014402816
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Supply and demand effects of unemployment insurance benefit extensions : evidence from U.S. counties
Hellwig, Klaus-Peter - 2021
, there are no negative supply-side effects from work disincentives; and (iii) a fiscal multiplier estimate of 1.92, similar …
Persistent link: https://www.econbiz.de/10012518891
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Medium-term fiscal multipliers during protracted recessions
Dell'Erba, Salvatore - 2014
Jorda’s (2005) local projection methodology, we find that cumulative fiscal multipliers related to output, employment and …
Persistent link: https://www.econbiz.de/10014411769
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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
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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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Mr. Ricardo's Great Adventure : Estimating Fiscal Multipliers in a Truly Intertemporal Model
Sgherri, Silvia - 2006
We estimate tax multipliers in a ""Blanchard-Yaari"" consumption model where Ricardian equivalence is broken because the private sector discounts the future at a faster rate than the real rate of interest. The model fits U.S. data since 1955 extremely well-entailing a discount wedge of around 20...
Persistent link: https://www.econbiz.de/10014402981
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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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Food Prices and the Multiplier Effect of Trade Policy
Giordani, Paolo - 2014
"multiplier effect": when a shock drives up the price of food, exporters respond by imposing restrictions while importers wind … prediction of the theory with a new dataset that comprises monthly information on trade measures across 77 countries and 33 food … products for the period 2008-11, finding evidence of a multiplier effect in food trade policy. These findings contribute to …
Persistent link: https://www.econbiz.de/10014411694
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Real exchange rate overshooting in large depreciations : determinants and consequences
Culiuc, Alexander - 2020
The consequences of large depreciations on economic activity depend on the relative strength of the contractionary balance sheet and expansionary expenditure switching effects. However, the two operate over different time horizons: the balance sheet effect hits almost immediately, while...
Persistent link: https://www.econbiz.de/10012251364