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Structural fiscal balances in Latin America and the Caribbean : new dataset and estimations
Ardanaz, Martín; Corbacho, Ana; Gonzáles, Alberto; … - 2015
In recent years, an increasing number of countries have began anchoring their fiscal policy frameworks in terms of rules that target the cyclically adjusted or structural (as opposed to actual) balance in an effort to overcome problems of procyclicality and fiscal volatility. The logic for doing...
Persistent link: https://www.econbiz.de/10011316667
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Great recession, slow recovery and muted fiscal policies in the US
Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016
This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the … subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate … increase in expenditure-to- GDP ratios was apparently determined by the adverse non-policy shocks that caused the recession. …
Persistent link: https://www.econbiz.de/10011434680
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In search of the Euro area fiscal stance
Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016
This paper investigates the role of fiscal policies over the aggregate EMU business cycle. Previous studies, based on the assumption of non-separability between public and private consumption, obtain a large public consumption multiplier, a small fraction of non-Ricardian households and,...
Persistent link: https://www.econbiz.de/10011529025
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The role of automatic stabilizers in business cycle : the case of Indonesia
Kuncoro, Haryo - In: European journal of government and economics : EJGE 10 (2021) 2, pp. 167-184
The use of large fiscal stimulus packages to dampen the impact of Covid-19 recently has raised concerns about the effectiveness of the discretionary fiscal policy. This paper aims at analysing the feasibility of automatic fiscal stabilisers to mitigate economic fluctuations in the case of...
Persistent link: https://www.econbiz.de/10013174018
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The euro area government spending multiplier in demand- and supply-driven recessions
Di Serio, Mario; Fragetta, Matteo; Gasteiger, Emanuel; … - 2022
moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between … 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
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Keynes's theories of the business cycle: evolution and contemporary relevance
Bortz, Pablo G. - 2021
This paper traces the evolution of John Maynard Keynes's theory of the business cycle from his early writings in 1913 to his policy prescriptions for the control of fluctuations in the early 1940s. The paper identifies six different "theories" of business fluctuations. With different theoretical...
Persistent link: https://www.econbiz.de/10012487521
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Counteracting unemployment in crises : non-linear effects of short-time work policy
Gehrke, Britta; Hochmuth, Brigitte - 2017
order to prevent layoffs and stabilize employment. Many OECD countries have used this policy in the Great Recession, for … efficient as the recession deepens. We disentangle discretionary short-time work from automatic stabilization in German data and …
Persistent link: https://www.econbiz.de/10011718992
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Government deficit shocks and Okun's coefficient volatility : new insights on the austerity versus growth debate
Binh Thai Pham; Sala, Hector - 2019
This paper connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert et al., 2019); (ii) Okun's coefficient is time varying and may be unstable. The intertwined dynamic behavior of fiscal shocks and unemployment-output trade-offs are...
Persistent link: https://www.econbiz.de/10012054782
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Fiscal policy experiments
Georgakopoulos, Ilias - 2019
This paper investigates the macroeconomic implications of alternative tax regimes. For this purpose, a one-sector general equilibrium model is constructed in which heterogeneous agents differ in productivity and holdings of capital in the sense of incurring transaction costs for participating in...
Persistent link: https://www.econbiz.de/10012112297
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Counteracting unemployment in crises : non-linear effects of short-time work policy
Gehrke, Britta; Hochmuth, Brigitte - 2018
prevent layoffs. Many OECD countries have used this policy in the Great Recession. This paper shows that the effects of short … in deep economic crises. The policy becomes more efficient as the recession deepens. In expansions, the effects are …
Persistent link: https://www.econbiz.de/10011845664