We estimate the dynamic effects of government spending shocks, using time-varying volatility in US data modeled through a Markov switching process. We find that the average government spending multiplier is significantly and persistently above one, driven by a crowding-in of private consumption...

We estimate the dynamic effects of government spending shocks, using time-varying volatility in US data modeled through a Markov switching process. We find that the average government spending multiplier is significantly and persistently above one, driven by a crowding-in of private consumption...

We study the impact of fiscal rules on macroeconomic performance following natural disaster shocks, using dynamic panel models and quarterly data for 89 countries. We find that countries with fiscal rules perform significantly better in the aftermath of such shocks than countries without rules....

91 countries around the world have established fiscal rules to limit national debt and/or budget deficits. Using data from previous natural disasters, this report investigates how these fiscal rules affect overall economic development following a crisis. The results show countries with fiscal...

Weltweit haben sich 91 Länder Fiskalregeln auferlegt, um die Staatsverschuldung und/oder das Haushaltsdefizit zu begrenzen. Wie sich diese Fiskalregeln auf die gesamtwirtschaftliche Entwicklung nach Krisen auswirken, untersucht dieser Bericht anhand von vergangenen Naturkatastrophen. Demnach...

91 countries around the world have established fiscal rules to limit national debt and/or budget deficits. Using data from previous natural disasters, this report investigates how these fiscal rules affect overall economic development following a crisis. The results show countries with fiscal...

Weltweit haben sich 91 Länder Fiskalregeln auferlegt, um die Staatsverschuldung und/oder das Haushaltsdefizit zu begrenzen. Wie sich diese Fiskalregeln auf die gesamtwirtschaftliche Entwicklung nach Krisen auswirken, untersucht dieser Bericht anhand von vergangenen Naturkatastrophen. Demnach...

We study the impact of fiscal rules on macroeconomic performance following natural disaster shocks, using dynamic panel models and quarterly data for 89 countries. We find that countries with fiscal rules perform significantly better in the aftermath of such shocks than countries without rules....

We study the impact of fiscal rules on macroeconomic performance. To address the endogeneity of rule adoption, we use data on large, random natural disasters. We document empirically that countries with rules perform significantly better following such exogenous shocks than countries without...