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What accounts for the changes in U.S. fiscal policy transmission?

Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - 2006

have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation …

Persistent link: https://www.econbiz.de/10011604628

The macroeconomic effects of fiscal policy

Afonso, António; Sousa, Ricardo M. - 2009

We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector Autoregression approach. We build on a recursive identification scheme, but we: (i) include the feedback from government debt (ii); look at the impact on the composition of output; (iii) assess the...

Persistent link: https://www.econbiz.de/10011605037

The global effects of US fiscal policy

Flood, Kimberly - 2008

The author examines the global impact of U.S. fiscal policy using the Bank of Canadas' Global Economy Model (Lalonde and Muir 2007). In particular, she examines the global macroeconomic implications of the expiration of major tax cuts in the United States and of expected increases in U.S....

Persistent link: https://www.econbiz.de/10010289667

Quantifying the inflationary impact of fiscal stimulus under supply constraints

Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - 2023

This paper builds on Baqaee and Farhi (2022) and di Giovanni et al. (2022) to quantify the contribution of fiscal policy to U.S. inflation over the December 2019-June 2022 period. Model calibrations show that aggregate demand shocks explain roughly two-thirds of total model-based inflation, and...

Persistent link: https://www.econbiz.de/10014302772

Where next for monetary policy? Lessons from the financial crisis and the pandemic

Minford, Patrick - 2023

Monetary developments of recent decades began with much promise with inflation targeting by independent central banks; the financial crisis of 2007 ushered in a period of great monetary instability. There are lessons for a return to more stability. Central banks need to stabilize money supply...

Persistent link: https://www.econbiz.de/10014480560

Government risk premiums in the bond market: EMU and Canada

Schuknecht, Ludger; von Hagen, Jürgen; Wolswijk, Guido - 2008

This paper focuses on risk premiums paid by central governments in Europe and sub-national governments in Germany, Spain, and Canada. With regard to the European governments, we are interested in how these premiums were affected by the introduction of the euro. Using data for bond yield spreads...

Persistent link: https://www.econbiz.de/10011604925

Fiscal institutions, fiscal policy and sovereign risk premia

Hallerberg, Mark; Wolff, Guntram B. - 2006

We investigate the effect of fiscal institutions such as the strength of the finance minister in the budget process and deficits on interest spreads contained in bond yields of the countries now belonging to the Eurozone. Deficits significantly increase risk premia measured by relative swap...

Persistent link: https://www.econbiz.de/10010295824

Sovereign default risk premia, fiscal limits and fiscal policy

Bi, Huixin - 2011

We develop a closed economy model to study the interactions among sovereign risk premia, fiscal limits, and fiscal policy. The stochastic fiscal limits, which measure the ability and willingness of the government to service its debt, arise endogenously from a dynamic Laffer curve. The...

Persistent link: https://www.econbiz.de/10010280044

Default Risk Premia on Government Bonds in a Quantitative Macroeconomic Model

Juessen, Falko; Linnemann, Ludger; Schabert, Andreas - 2009

This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...

Persistent link: https://www.econbiz.de/10010325941

Expansionary fiscal contractions? Evidence from panel data

Hogan, Vincent - 2003

economies during times of crisis. We find some limited evidence in its favour: if public consumption is reduced in response to a … fiscal crisis (as defined by a high level of debt), private consumption does seem to increase. However the size of the effect … is smaller than that typically found in similar studies. Furthermore, the increase in private consumption is not usually …

Persistent link: https://www.econbiz.de/10010293826

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