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Does Policy Communication During Covid Work?

Coibion, Olivier - 2020

Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households' expectations. We provide random subsets of participants in the Nielsen Homescan panel with different combinations...

Persistent link: https://www.econbiz.de/10012830487

Fiscal Multipliers in Japan

Auerbach, Alan J. - 2014

In this paper, we estimate government purchase multipliers for Japan, following the approach used previously for a … a sample period extending from 1960 to 2012, estimates for Japan are quite consistent with those previously estimated … Japan make the dating of recessions a challenge …

Persistent link: https://www.econbiz.de/10013058256

Liquidity and Expected Returns : Lessons from Emerging Markets

Bekaert, Geert - 2012

Given the cross-sectional and temporal variation in their liquidity, emerging equity markets provide an ideal setting … to examine the impact of liquidity on expected returns. Our main liquidity measure is a transformation of the proportion … of zero daily firm returns, averaged over the month. We find that our liquidity measures significantly predict future …

Persistent link: https://www.econbiz.de/10012755671

Flights to safety

Baele, Lieven; Bekaert, Geert; Inghelbrecht, Koen; Wei, Min - 2012

Despite a large and growing theoretical literature on flights to safety, there does not appear to exist an empirical characterization of flight-to-safety (FTS) episodes. Using only data on bond and stock returns, we identify and characterize flight to safety episodes for 23 countries. On...

Persistent link: https://www.econbiz.de/10011590578

Measuring the Output Responses to Fiscal Policy

Auerbach, Alan J. - 2010

A key issue in current research and policy is the size of fiscal multipliers when the economy is in recession. We provide three insights. First, using regime-switching models, we find large differences in the size of spending multipliers in recessions and expansions with fiscal policy being...

Persistent link: https://www.econbiz.de/10013138770

Output Spillovers from Fiscal Policy

Auerbach, Alan J. - 2012

In this paper, we estimate the cross-country spillover effects of government purchases on output for a large number of OECD countries. Following the methodology in Auerbach and Gorodnichenko (2012a, b), we allow these multipliers to vary smoothly according to the state of the economy and use...

Persistent link: https://www.econbiz.de/10013097270

Macroeconomic Frameworks

Auerbach, Alan J. - 2019

We link detailed data on defense spending, wages, hours, employment, establishments, and GDP across U.S. cities to study the effects of fiscal stimulus. Our small-open-economy empirical setting permits us to estimate key macroeconomic outcomes and elasticities, including the responses of the...

Persistent link: https://www.econbiz.de/10012861210

Effects of Fiscal Shocks in a Globalized World

Auerbach, Alan J. - 2015

While theoretical models consistently predict that government spending shocks should lead to appreciation of the domestic currency, empirical studies have been stubbornly finding depreciation. Using daily data on U.S. defense spending (announced and actual payments), we document that the dollar...

Persistent link: https://www.econbiz.de/10013024158

Inequality, Fiscal Policy and Covid19 Restrictions in a Demand-Determined Economy

Auerbach, Alan J. - 2020

We evaluate the effects of inequality, fiscal policy, and COVID19 restrictions in a model of economic slack with potentially rigid capital operating costs. Inequality has large negative effects on output, while also diminishing the effects of demand-side fiscal stimulus. COVID restrictions can...

Persistent link: https://www.econbiz.de/10012831278

Fiscal Stimulus and Fiscal Sustainability

Auerbach, Alan J. - 2017

The Great Recession and the Global Financial Crisis have left many developed countries with low interest rates and high levels of public debt, thus limiting the ability of policymakers to fight the next recession. Whether new fiscal stimulus programs would be jeopardized by these already heavy...

Persistent link: https://www.econbiz.de/10012948076