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Identifying the effects of government spending shocks with and without expected reversal : an approach based on U.S. real-time data
Cimadomo, Jacopo; Hauptmeier, Sebastian; Sola, Sergio - 2011
This paper investigates how expectations about future government spending affect the transmission of fiscal policy shocks. We study the effects of two different types of government spending shocks in the United States: (i) spending shocks that are accompanied by an expected reversal of public...
Persistent link: https://www.econbiz.de/10009238019
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Revenue- versus spending-based consolidation plans : the role of follow-up
Beetsma, Roel; Furtuna, Oana; Giuliodori, Massimo - 2018
The literature on fiscal multipliers finds that spending-based fiscal consolidations tend to have more benign macro-economic consequences than revenue-based consolidations. By directly comparing ex-post data with consolidation plans, we present evidence of a systematically weaker follow-up of...
Persistent link: https://www.econbiz.de/10011904377
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A decomposition of structural revenue developments for euro area member states
Morris, Richard; Reiss, Lukas - 2020
This paper presents a framework for analysing the evolution of the structural government deficit estimated using the official EU methodology relevant for the Stability and Growth Pact. The focus of our framework lies in the analysis of the main driving forces of changes in estimated structural...
Persistent link: https://www.econbiz.de/10012259400
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Learning about fiscal multipliers during the European sovereign debt crisis : evidence from a quasi-natural experiment
Gόrnicka, Lucyna; Kamps, Christophe; Koester, Gerrit; … - 2018
Identifying fiscal multipliers is usually constrained by the absence of a counterfactual scenario. Our new data set allows overcoming this problem by making use of the fact that recommendations under the EU's excessive deficit procedure (EDP) provide both a baseline no-policy-change scenario and...
Persistent link: https://www.econbiz.de/10011856496
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Keynesian government spending multipliers and spillovers in the euro area
Cwik, Tobias; Wieland, Volker - 2010
The global financial crisis has lead to a renewed interest in discretionary fiscal stimulus. Advocates of discretionary … measures emphasize that government spending can stimulate additional private spending - the Keynesian multiplier effect. Thus … features such as price and wage rigidities to evaluate the impact of the fiscal stimulus. Four of them suggest that the planned …
Persistent link: https://www.econbiz.de/10008728755
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New Keynesian versus old Keynesian government spending multipliers
Cogan, John F.; Cwik, Tobias; Taylor, John B. - 2009
estimated stimulus is extremely small with GDP and employment effects only onesixth as large. -- Fiscal multiplier ; New … used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an … Keynesian Model ; fiscal stimulus ; government spending : macroeconomic modeling …
Persistent link: https://www.econbiz.de/10003963764
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Fiscal multipliers with financial fragmentation risk and interactions with monetary policy
Darracq Pariès, Matthieu; Müller, Georg; … - 2020
multiplier of fiscal expansion is found to be significantly dampened by tighter financial conditions in case households are less …
Persistent link: https://www.econbiz.de/10012241104
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Forecasting macroeconomic risk in real time : great and Covid-19 recessions
De Santis, Roberto A.; Van der Veken, Wouter - 2020
additional insights on both first and higher moments of the GDP growth distribution. If a recession is due to an unforeseen shock …
Persistent link: https://www.econbiz.de/10012241245
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Monetary and fiscal complementarity in the Covid-19 pandemic
Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, … - 2021
In response to the coronavirus (Covid-19) pandemic, there has been a complementary approach to monetary and fiscal …
Persistent link: https://www.econbiz.de/10012617082
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Sources of borrowing and fiscal multipliers
Priftis, Romanos; Zimic, Srecko - 2018
This paper finds that debt-financed fiscal multipliers vary depending on the location of the debt buyer. In a sample of 33 countries fiscal multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared to when they are financed by...
Persistent link: https://www.econbiz.de/10011937308