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inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range …
Persistent link: https://www.econbiz.de/10013174156
inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range …
Persistent link: https://www.econbiz.de/10014364021
inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range …
Persistent link: https://www.econbiz.de/10013292507
We investigate state-dependent effects of fiscal multipliers and allow for endogenous sample splitting to determine whether the US economy is in a slack state. When the endogenized slack state is estimated as the period of the unemployment rate higher than about 12 percent, the estimated...
Persistent link: https://www.econbiz.de/10012237148
consumption. The results suggest that the output tax multiplier is positive and above one (in absolute value) in recessions but …
Persistent link: https://www.econbiz.de/10012164687
The literature on the government spending multiplier has implicitly assumed that an increase in government spending has … approach, or (ii) a timing restriction, we find that the contractionary multiplier – the multiplier associated with a negative … multiplier – the multiplier associated with a positive shock – is substantially below 1 regardless of the state of the cycle …
Persistent link: https://www.econbiz.de/10012952314
The literature on the government spending multiplier has implicitly assumed that an increase in government spending has … approach, or (ii) a timing restriction, we find that the contractionary multiplier—the multiplier associated with a negative … shock to government spending—is above 1 and even larger in times of economic slack. In contrast, the expansionary multiplier …
Persistent link: https://www.econbiz.de/10012931626
In response to the record-breaking COVID19 recession, many governments have adopted unprecedented fiscal stimuli. While countercyclical fiscal policy is effective in fighting conventional recessions, little is known about the effectiveness of fiscal policy in the current environment with...
Persistent link: https://www.econbiz.de/10012705410
During the sovereign debt crisis, many Euro countries have deployed "austerity packages" implementing structural reforms and cutting government spending. Such policies should have led to an initial decline in GDP followed by recovery and a reduction of the debt to gdp ratio. Key to this outcome...
Persistent link: https://www.econbiz.de/10011818399
closely related to the harshness of fiscal austerity. Cumulative multiplier estimates are found to vary in a range from 1.4 to … 2.1, depending on the data source used to identify the intensity of fiscal consolidation. Given these multiplier values …
Persistent link: https://www.econbiz.de/10011778844