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Expansionary and contractionary fiscal multipliers in the U.S.
Kapetanios, George; Koutroumpis, Panagiotis; Tsoukis, … - 2022
We estimate the fiscal (spending) multiplier using quarterly U.S. data, 1986-2017. We define government spending shocks …
Persistent link: https://www.econbiz.de/10013191269
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The cyclical behaviour of government spending for social protection : is the OECD methodology robust?
Arsenev, Aleksandr; Heimberger, Philipp; Schütz, Bernhard - 2023
Spending elasticities measure the reaction of different government spending components to the business cycle. They are important inputs for fiscal forecasts, and they are particularly relevant in the context of European Union (EU) fiscal rules, as elasticity estimates enter the estimation of...
Persistent link: https://www.econbiz.de/10014445966
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Sticky wages, monetary policy and fiscal policy multipliers
Dupor, Bill; Li, Rong; Li, Jingchao - 2017
This paper demonstrates how adding nominal wage rigidity to a standard sticky price model can create a mechanism by which increases in government spending cause increases in consumption. The increase in output arising from government purchases puts upward pressure on the price level. At a fixed...
Persistent link: https://www.econbiz.de/10011691001
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Regional consumption responses and the aggregate fiscal multiplier
Dupor, Bill; Karabarbounis, Marios; Kudlyak, Marianna; … - 2018
spending by $0.29. We translate the regional consumption responses to an aggregate fiscal multiplier using a multi-region, New … multiplier, a result that distinguishes our incomplete markets model from models with complete markets. The aggregate consumption … multiplier is 0.64, which implies an output multiplier higher than one. The aggregate consumption multiplier is larger than the …
Persistent link: https://www.econbiz.de/10011911427
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The nonlinear effects of fiscal policy
Brinca, Pedro; Faria-e-Castro, Miguel; Ferreira, Miguel H. - 2019
We argue that the fiscal multiplier of government purchases is increasing in the spending shock, in contrast to what is … assumed in most of the literature. The fiscal multiplier is largest for large positive government spending shocks and smallest …
Persistent link: https://www.econbiz.de/10012015562
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Are government spending multipliers greater during periods of slack? : evidence from 20th century historical data
Owyang, Michael T.; Ramey, Valerie A.; Zubairy, Sarah - 2013
Persistent link: https://www.econbiz.de/10009687815
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The output effects of fiscal consolidations : does spending composition matter?
Ardanaz, Martin; Cavallo, Eduardo A.; Izquierdo, Alejandro - 2021
This paper studies whether changes in the composition of public spending affect the macroeconomic consequences of fiscal consolidations. Based on a sample of 44 developing countries and 26 advanced economies during 1980-2019, results show that while fiscal consolidations tend to be on average,...
Persistent link: https://www.econbiz.de/10014516596
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Fiscal consolidation and its growth effects in euro area countries : past, present and future outlook
Heimberger, Philipp - 2024
This paper is about fiscal consolidation measures (i.e. tax hikes and government spending cuts motivated by a desire to reduce the fiscal deficit and public debt) in euro area (EA) countries. The focus is on analysing the growth effects of fiscal adjustments as well as their implications for...
Persistent link: https://www.econbiz.de/10015076372
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Current expenditure upswings in good times and capital expenditure downswings in bad times? : new evidence from developing countries
Ardanaz, Martín; Izquierdo, Alejandro - 2017
This paper studies the cyclical properties of two key expenditure categories (current and public investment spending) during the different phases of the business cycle (good times and bad times). Anecdotal evidence suggests that policymakers usually cannot resist the temptation of spending more...
Persistent link: https://www.econbiz.de/10011784234
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The role of institutional quality on the effects of fiscal stimulus
Avellán, Leopoldo; Galindo Andrade, Arturo José; … - 2020
This paper provides evidence on the effect of fiscal stimulus on economic activity in countries with different degrees of institutional quality. The identification strategy makes use of data on military expenditure to instrument government consumption using local lineal projections as presented...
Persistent link: https://www.econbiz.de/10012238283