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The interaction between fiscal and monetary policies : evidence from Sweden
Ankargren, Sebastian; Shahnazarian, Hovick - 2019 - (Updated april 2019)
This paper estimates the interaction between monetary- and fiscal policy using a structural VAR model with time-varying parameters. For demand and supply shocks, the two policies are estimated to be complementary, while for monetary and fiscal policies shocks the two policies act as substitutes....
Persistent link: https://www.econbiz.de/10011990029
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Fiscal multipliers in a panel of countries
Contreras, Juan; Battelle, Holly - 2014
We estimate fiscal multipliers in a panel of countries using dynamic panel techniques and quarterly data for 55 countries. By using a GMM estimator and lagged dependent variables as instruments in a SVAR model, we attempt to correct for the biases present in this setting, to alleviate concerns...
Persistent link: https://www.econbiz.de/10010402581
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The size of fiscal multipliers and the stance of monetary policy in developing economies
Ojeda-Joya, Jair N.; Guzman, Oscar E. - 2017 - This version: February 2017
In this paper we estimate the effect of government consumption shocks on GDP using a panel of 21 developing economies. Our goal is to better understand the reasons for the low fiscal multipliers found in the literature by performing estimations for alternative exchange rate regimes,...
Persistent link: https://www.econbiz.de/10011620815
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The size of fiscal multipliers and the stance of monetary policy in developing economies
Ojeda-Joya, Jair N.; Guzman, Oscar E. - 2017 - This version: May 2017
In this paper we estimate the effect of government consumption shocks on GDP using a panel of 21 developing economies. Our goal is to better understand the reasons for the low fiscal multipliers found in the literature by performing estimations for alternative exchange rate regimes,...
Persistent link: https://www.econbiz.de/10011659285
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Estimating the effects of coordinated fiscal actions in the euro area
Hebous, Shafik; Zimmermann, Tom - 2012
We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the … members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a … similar size area-wide shock expressed as a weighted average of the fiscal shocks across all member countries. According to …
Persistent link: https://www.econbiz.de/10009581972
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What are the effects of fiscal policy shocks?
Mountford, Andrew (contributor); Uhlig, Harald (contributor) - 2005
We propose and apply a new approach for analyzing the effects of fiscal policy using vector autoregressions. Unlike most of the previous literature this approach does not require that the contemporaneous reaction of some variables to fiscal policy shocks be set to zero or need additional...
Persistent link: https://www.econbiz.de/10003147823
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Identifying global and national output and fiscal policy shocks using a GVAR
Chudik, Alexander; Pesaran, M. Hashem; Mohaddes, Kamiar - 2019
due to a fiscal policy shock, as compared to when the rise in output is due to a positive technology shock. The cross ….75 when the rise in output follows from a favorable output shock. …
Persistent link: https://www.econbiz.de/10011956353
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What are the Effects of Fiscal Policy Shocks?
Uhlig, Harald; Mountford, Andrew - 2008
policy shocks. We find that controlling for the business cycle shock is important, but controlling for the monetary policy … shock is not, that government spending shocks crowd out both residential and non-residential investment but do not reduce …
Persistent link: https://www.econbiz.de/10014118576
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What are the Spill-Overs from Fiscal Shocks in Europe? An Empirical Analysis
Giuliodori, Massimo; Beetsma, Roel M. W. J. - 2021
We use a Vector Auto Regression (VAR) analysis to explore the (spill-over) effects of fiscal policy shocks in Europe. To enhance comparability with the existing literature, we first analyse the effects of these shocks at the national level. Here, we employ identification based on Choleski...
Persistent link: https://www.econbiz.de/10013319390
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Monetary policy surprise shocks under different fiscal regimes : a panel analysis of the Euro Area
Afonso, António; Alves, José; Ionta, Serena - 2023
We study the effect of monetary policy surprise shocks on real output and the price level, conditioned on different fiscal stances in the period 2001Q4-2021Q4 for a panel of the 19 countries of the Euro Area. Applying local projection methodology, we find that the effect of monetary shocks...
Persistent link: https://www.econbiz.de/10014336399