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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

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

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

Fiscal Stimulus and Commercial Bank Lending Under COVID-19

Aizenman, Joshua; Jinjarak, Yothin; Spiegel, Mark - 2022

We investigate the implications of extra-normal government spending under the COVID-19 pandemic for commercial bank lending growth between 2019Q4 and 2020Q4 in a large sample of over 3000 banks from 71 countries. We control for pre-pandemic structural factors, bank characteristics and government...

Persistent link: https://www.econbiz.de/10013295151

Ten Years after the Financial Crisis : What Have We Learned from the Renaissance in Fiscal Research?

Ramey, Valerie A. - 2019

This paper takes stock of what we have learned from the “Renaissance” in fiscal research in the ten years since the financial crisis. I first summarize the new innovations in methodology and discuss the various strengths and weaknesses of the main approaches. Reviewing the estimates, I come...

Persistent link: https://www.econbiz.de/10012893136

Multilateral Economic Cooperation and the International Transmission of Fiscal Policy

Corsetti, Giancarlo - 2013

During the global financial crisis 2007-2009 fiscal policy was widely used as a stabilization tool. Policymakers allowed a large build-up of public debt resulting from both automatic and discretionary expansionary measures. At the same time, calls for policy coordination stressed that...

Persistent link: https://www.econbiz.de/10013091899

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

Optimal Policy for Macro-Financial Stability

Benigno, Gianluca - 2019

There is a new and now extensive literature analyzing government policies for financial stability based on models with endogenous borrowing constraints. These normative analyses often build upon the concept of constrained efficient allocation, where the social planner is constrained by the same...

Persistent link: https://www.econbiz.de/10012860452

What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package

Cogan, John F. - 2010

government purchases multiplier. But equally crucial is the size of the government purchases multiplicand--the change in … government purchases of goods and services that the multiplier actually multiplies. Using new data from the Bureau of Economic … government purchases multiplier, changes in government purchases have had no material effect on the growth of GDP since the time …

Persistent link: https://www.econbiz.de/10013136548

Simple Analytics of the Government Expenditure Multiplier

Woodford, Michael - 2010

wages; in a fairly broad class of simple models, the multiplier is 1 in the case that the monetary authority maintains a … constant path for real interest rates. The multiplier can be considerably smaller, however, if the monetary authority raises … multiplier is especially plausible when monetary policy is constrained by the zero lower bound on nominal interest rates; in such …

Persistent link: https://www.econbiz.de/10013148368