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This paper examines issues related to the estimation of the government spending multiplier (GSM) in a Dynamic …
Persistent link: https://www.econbiz.de/10010968961
This paper examines issues related to the estimation of the government spending multiplier (GSM) in a Dynamic …
Persistent link: https://www.econbiz.de/10011004767
This paper examines issues related to the estimation of the government spending multiplier (GSM) in a Dynamic …
Persistent link: https://www.econbiz.de/10010544322
In a situation where agents can only observe a noisy signal of the shock to future economic fundamentals, SVAR models can still be successfully employed to estimate the shock and the associated impulse response functions. Identification is reached by means of dynamic rotations of the reduced...
Persistent link: https://www.econbiz.de/10011145478
This paper investigates the effects of government spending on the real exchange rate and the trade balance in the US using a new VAR identification procedure based on spending forecast revisions. I find that the real exchange rate appreciates and the trade balance deteriorates after a government...
Persistent link: https://www.econbiz.de/10010851329
Data from a heterogeneous-agents economy with incomplete asset markets and indivisible labor supply are simulated under various fiscal policy regimes and an approximating representative-agent model is estimated. Preference and technology parameter estimates of the representative-agent model are...
Persistent link: https://www.econbiz.de/10009322531
consumption and investment, with no evidence of crowding out. The impact multiplier is 1.7 and the long run multiplier is 0.6. …
Persistent link: https://www.econbiz.de/10008693512
This paper investigates the effects of fiscal policy on the trade balance using a structural factor model. A fiscal policy shock worsens the trade balance and produces an appreciation of the domestic currency but the effects are quantitatively small. The findings match the theoretical...
Persistent link: https://www.econbiz.de/10008693513
This paper investigates the effects of government spending on the real exchange rate and the trade balance in the US using a new VAR identification procedure based on spending forecast revisions. I find that the real exchange rate appreciates and the trade balance deteriorates after a government...
Persistent link: https://www.econbiz.de/10010836478
This paper proposes a moment-matching method for approximating vector autoregressions by finite-state Markov chains. The Markov chain is constructed by targeting the conditional moments of the underlying continuous process. The proposed method is more robust to the number of discrete values and...
Persistent link: https://www.econbiz.de/10010732471