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Fiscal multipliers in advanced and developing countries: Evidence from military spending

Sheremirov, Viacheslav; Spirovska, Sandra - 2019

the effects of government spending on output in advanced and developing countries. Identifying government-spending shocks …

Persistent link: https://www.econbiz.de/10012059606

Output response to government spending: Evidence from new international military spending data

Sheremirov, Viacheslav; Spirovska, Sandra - 2015

effect of government spending on output. Following a popular assumption that military spending is unlikely to respond to … output at business-cycle frequencies - and exploiting variation in military spending of a significantly larger magnitude than … economies and in countries with a fixed exchange rate. The output response to government spending persists for about two to …

Persistent link: https://www.econbiz.de/10011460696

Identification of systematic monetary policy

Hack, Lukas; Istrefi, Klodiana; Meier, Matthias - 2023

We propose a novel identification design to estimate the causal effects of systematic monetary policy on the propagation of macroeconomic shocks. The design combines (i) a time-varying measure of systematic monetary policy based on the historical composition of hawks and doves in the Federal...

Persistent link: https://www.econbiz.de/10014543651

Keynesian Dominance in Crisis Therapy

Spantig, Kristina - 2013

This paper scrutinizes the debate of Keynes and Hayek concerning the adequate re- sponse to economic crises from a historical perspective. In a first step the develop- ment of the Keynesian economic theory, its ascent during the Great Depression and its use during financially sound times is...

Persistent link: https://www.econbiz.de/10010334501

Is a very high public debt a problem?

Leão, Pedro - 2015

This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public debt from resulting in a high tax burden, a government default, or inflation. The second objective is to show that government deficits do not face a financing problem. After...

Persistent link: https://www.econbiz.de/10011545303

Dissolving 'the unholy marriage': Hayek's recommendation on monetary and fiscal policy

Madi, Maria Alejandra Caporale - In: Journal of Contemporary Economic and Business Issues 2 (2015) 2, pp. 23-38

The contribution by the Austrian economist Friedrich von Hayek to monetary theory stimulates a far-reaching debate on the role of the government in monetary management and the effects of alternative policies in regulating the issuance of money. Since the early 1930s Hayek had been concerned...

Persistent link: https://www.econbiz.de/10011557602

Assessing the Impacts of Non-Ricardian Households in an Estimated New Keynesian DSGE Model

Marto, Ricardo - In: Swiss Journal of Economics and Statistics 150 (2014) 4, pp. 353-398

shocks. Fluctuations in output growth are mainly driven by productivity shocks for a lower share and by price markup shocks …

Persistent link: https://www.econbiz.de/10011933328

Banking, finance, and money: A socioeconomics approach

Wray, L. Randall - 2006

This paper briefly summarizes the orthodox approach to banking, finance, and money, and then points the way toward an alternative based on socioeconomics. It argues that the alternative approach is better fitted to not only the historical record, but also sheds more light on the nature of money...

Persistent link: https://www.econbiz.de/10010266447

Alternative uses of functional finance: Lerner, MMT and the Sraffiansh

Summa, Ricardo de Figueiredo - 2022

In the present paper, we will construct three comparable 'toy models' to evaluate the alternative uses of functional finance from Lerner, MMT, and the Sraffians. First, we will argue that the general functional finance framework can be separated from the specific views of Lerner on how the...

Persistent link: https://www.econbiz.de/10013163440

Achieving two policy targets with one policy instrument: Heterogeneous expectations, countercyclical fiscal policy, and macroeconomic stabilization at the effective lower bound

Lima, Gilberto Tadeu; Setterfield, Mark; da Silveira, … - 2023

interest rate, in an environment characterized by heterogenous and endogenously time-varying private-sector output and … interventions have both a direct effect on output and inflation (via aggregate demand formation) and an indirect effect on these …

Persistent link: https://www.econbiz.de/10014329439

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