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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 to...
Persistent link: https://www.econbiz.de/10012479486
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The Fiscal Multiplier
Hagedorn, Marcus - 2019
We measure the size of the fiscal multiplier using a heterogeneous-agent model with incomplete markets, capital and …We find that market incompleteness is key to determining the size of the fiscal multiplier, which is uniquely … determined in our model for any combination of fiscal and monetary policies of interest. The multiplier is 1.34 if deficit …
Persistent link: https://www.econbiz.de/10012479524
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Partisanship and Fiscal Policy in Economic Unions : Evidence from U.S. States
Carlino, Gerald A.; Drautzburg, Thorsten; Inman, Robert P. - National Bureau of Economic Research - 2021
effects from these partisan differences. First, the transfer multiplier would rise by 0.60 if Republican governors were to … imply variation in the fiscal multiplier of 0.40. Local projection regressions support this prediction …
Persistent link: https://www.econbiz.de/10012482641
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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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Unemployment Fiscal Multipliers
Monacelli, Tommaso - 2010
output multiplier whereas it can produce a realistic unemployment multiplier but only under a special parameterization …
Persistent link: https://www.econbiz.de/10012462720
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New Keynesian versus Old Keynesian Government Spending Multipliers
Cogan, John F. - 2009
Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modelling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy...
Persistent link: https://www.econbiz.de/10012463865
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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/10012462178
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Clearing Up the Fiscal Multiplier Morass : Prior and Posterior Analysis
Leeper, Eric M. - 2015
We use Bayesian prior and posterior analysis of a monetary DSGE model, extended to include fiscal details and two distinct monetary-fiscal policy regimes, to quantify government spending multipliers in U.S. data. The combination of model specification, observable data, and relatively diffuse...
Persistent link: https://www.econbiz.de/10012457235
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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 panel of OECD countries (Auerbach and Gorodnichenko, 2013). This approach allows multipliers to vary smoothly according to the state of the economy and uses real-time forecast data...
Persistent link: https://www.econbiz.de/10012458753
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Are Government Spending Multipliers Greater During Periods of Slack? Evidence from 20th Century Historical Data
Owyang, Michael T. - 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/10012459892