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Fiscal Policy, Wealth Effects, and Markups
Monacelli, Tommaso - 2008
We document that variations in government purchases generate a rise in consumption, the real and the product wage, and a fall in the markup. This evidence is robust across alternative empirical methodologies used to identify innovations in government spending (structural VAR vs. narrative...
Persistent link: https://www.econbiz.de/10012464065
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Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate
Ravn, Morten O. - 2007
government spending shock. In addition, the deep-habit model predicts that in response to an anticipated increase in government …
Persistent link: https://www.econbiz.de/10012465322
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An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output
Blanchard, Olivier - 1999
This paper characterizes the dynamic effects of shocks in government spending and taxes on economic activity in the United States in the post-war period. It does so by using a mixed structural VAR/event study approach. Identification is achieved by using institutional information about the tax...
Persistent link: https://www.econbiz.de/10012471521
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Do Government Spending Multipliers Depend on the Sign of the Shock?
Ben Zeev, Nadav; Ramey, Valerie A.; Zubairy, Sarah - National Bureau of Economic Research - 2023
We analyze whether government spending multipliers differ by the sign of the shock. Using aggregate historical U …, the resulting multipliers do not differ by sign of the shock. Thus, we find no evidence of asymmetry of government …
Persistent link: https://www.econbiz.de/10014247936
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Fiscal Shocks and Their Consequences
Burnside, Craig - 2003
models can account for the consequences of a fiscal policy shock. Simple versions of the neoclassical model can account for … the qualitative effects of a fiscal shock. Once we allow for habit formation and investment adjustment costs, the model … can also account reasonably well for the quantitative effects of a fiscal shock …
Persistent link: https://www.econbiz.de/10012468924
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Consumption Smoothing through Fiscal Policy in OECD and EU Countries
Arreaza, Adriana - 1998
We measure the amount of smoothing achieved through various components of the government deficit in EU and OECD countries. For EU countries, at the 1-year frequency percent of shocks to GDP are smoothed via government consumption, 18 percent via transfers percent via subsidies, while taxes...
Persistent link: https://www.econbiz.de/10012472446
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Managing an Energy Shock : Fiscal and Monetary Policy
Auclert, Adrien; Monnery, Hugo; Rognlie, Matthew; … - National Bureau of Economic Research - 2023
demand. Fiscal policy, especially energy price subsidies, can isolate individual energy importers from the shock, but it has …
Persistent link: https://www.econbiz.de/10014337777
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The Missing Intercept : A Demand Equivalence Approach
Wolf, Christian - National Bureau of Economic Research - 2021
I give conditions under which changes in private spending are accommodated in general equilibrium exactly like changes in aggregate fiscal expenditure. Under such demand equivalence, researchers can use time series evidence on fiscal multipliers to recover the general equilibrium "missing...
Persistent link: https://www.econbiz.de/10012794586
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When is Debt Odious? A Theory of Repression and Growth Traps
Acharya, Viral V. - 2020
How is a developing country affected by its odious government's ability to borrow in international markets? We examine the dynamics of a country's growth, consumption, and sovereign debt, assuming that the government is myopic and wants to maximize short-term, socially unproductive, spending....
Persistent link: https://www.econbiz.de/10012481804
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Understanding the Effects of Government Spending on Consumption
Galí, Jordi - 2005
Recent evidence suggests that consumption rises in response to an increase in government spending. That finding cannot be easily reconciled with existing optimizing business cycle models. We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how...
Persistent link: https://www.econbiz.de/10012467100