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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/10012462118
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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/10012462938
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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/10012461546
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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/10012453922
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Is it the "How" or the "When" that Matters in Fiscal Adjustments?
Alesina, Alberto - 2016
Using data from 16 OECD countries from 1981 to 2014 we study the effects on output of fiscal adjustments as a function of the composition of the adjustment - that is, whether the adjustment is mostly based on spending cuts or on tax hikes - and of the state of the business cycle when the...
Persistent link: https://www.econbiz.de/10012455817
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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/10012456303
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The Time for Austerity : Estimating the Average Treatment Effect of Fiscal Policy
Jordà, Òscar - 2013
After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...
Persistent link: https://www.econbiz.de/10012459247
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Fiscal Policy in the Age of COVID : Does it ‘Get in all of the Cracks?'
Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021
) Globally, fiscal policy helped offset about 8% of the downturn in COVID, with a low 'traditional' fiscal multiplier. Yet it …
Persistent link: https://www.econbiz.de/10012629513
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Tax Multipliers : Pitfalls in Measurement and Identification
Riera-Crichton, Daniel - 2012
On the identification front, our findings favor the use of narratives à la Romer and Romer (2010) to identify exogenous fiscal shocks as opposed to the identification via SVAR. On the (much less explored) measurement front, our results strongly support the use of tax rates as a true measure of...
Persistent link: https://www.econbiz.de/10012460163
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Has Monetary Policy Become More Efficient? A Cross Country Analysis
Cecchetti, Stephen G. - 2004
Over the past twenty years, macroeconomic performance has improved in industrialized and developing countries alike. In a broad cross-section of countries inflation volatility has fallen markedly while output variability has either fallen or risen only slightly. This increased stability can be...
Persistent link: https://www.econbiz.de/10012467715