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De Facto Fiscal Space and Fiscal Stimulus : Definition and Assessment
Aizenman, Joshua - 2010
We define the notion of a 'de facto fiscal space' of a country as the inverse of the tax-years it would take to repay the public debt. Specifically, we measure the outstanding public debt relative to the de facto tax base, where the latter measures the realized tax collection, averaged across...
Persistent link: https://www.econbiz.de/10013135878
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How Big (Small?) are Fiscal Multipliers?
Ilzetzki, Ethan - 2010
countries, (ii) the fiscal multiplier is relatively large in economies operating under predetermined exchange rates but is zero …
Persistent link: https://www.econbiz.de/10013136746
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The Permanent Effects of Fiscal Consolidations
Fatás, Antonio - 2016
The global financial crisis has permanently lowered the path of GDP in all advanced economies. At the same time, and in response to rising government debt levels, many of these countries have been engaging in fiscal consolidations that have had a negative impact on growth rates. We empirically...
Persistent link: https://www.econbiz.de/10012987599
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The End of the Great Depression 1939-41 : Policy Contributions and Fiscal Multipliers
Gordon, Robert J. - 2010
in 1941, particularly in the second half of that year. As a result our preferred government spending multiplier is 1 ….80 multiplier is relevant to situations like 2009-10 when capacity constraints are absent across the economy.Two sets of new …
Persistent link: https://www.econbiz.de/10013137986
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Measuring the Output Responses to Fiscal Policy
Auerbach, Alan J. - 2010
shocks, with military spending having the largest multiplier. Third, we show that controlling for predictable components of …
Persistent link: https://www.econbiz.de/10013138770
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Clearing Up the Fiscal Multiplier Morass
Leeper, Eric M. - 2011
substitution effects, yielding uniform comparisons across models. By constraining the multiplier to tight ranges, model and prior …
Persistent link: https://www.econbiz.de/10013120209
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Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy
Favero, Carlo A. - 2011
analysis is that the question "what is the fiscal policy multiplier" is an ill-posed one. There is no unconditional fiscal … policy multiplier. The effect of fiscal policy on output is different depending on the different debt dynamics, the different … and an average fiscal multiplier is of very little use to describe the effect of exogenous shifts in fiscal policy on …
Persistent link: https://www.econbiz.de/10013121730
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Fiscal Stimulus and Distortionary Taxation
Drautzburg, Thorsten - 2011
modestly negative long-run multipliers around -0.42. The multiplier is sensitive to the fraction of transfers given to credit …
Persistent link: https://www.econbiz.de/10013123984
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Fiscal Multipliers : Liquidity Traps and Currency Unions
Farhi, Emmanuel - 2012
We provide explicit solutions for government spending multipliers during a liquidity trap and within a fixed exchange regime using standard closed and open-economy models. We confirm the potential for large multipliers during liquidity traps. For a currency union, we show that self-financed...
Persistent link: https://www.econbiz.de/10013100679
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Are Government Spending Multipliers Greater During Periods of Slack? Evidence from 20th Century Historical Data
Owyang, Michael - 2013
A key question that has arisen during recent debates is whether government spending multipliers are larger during times when resources are idle. This paper seeks to shed light on this question by analyzing new quarterly historical data covering multiple large wars and depressions in the U.S. and...
Persistent link: https://www.econbiz.de/10013087434