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Robustness report on "Discretionary tax changes and the macroeconomy: new narrative evidence from the United Kingdom", by James Cloyne (2013)

Kopecky, Joseph; Campbell, Douglas L.; Brodeur, Abel; … - 2024

Cloyne (2013) constructs a novel dataset documenting fiscal tax shocks in the United Kingdom using the narrative approach developed by Romer and Romer (2010), and estimates the impact of tax changes on GDP. He finds that a tax cut of one percent of GDP causes a 0.6 percent increase in output in...

Persistent link: https://www.econbiz.de/10014556602

Macroeconomic shocks and policy reforms : lessons from the 1999 downturn in Chile

Guzmán, Julio J. - In: CEPAL review (2018) 125, pp. 133-151

Persistent link: https://www.econbiz.de/10012000263

Gauging the effects of the German COVID-19 fiscal stimulus package

Hinterlang, Natascha; Moyen, Stéphane; Röhe, Oke; … - 2021

We simulate the fiscal stimulus packages set up by the German government to allevi-ate the costs of the COVID-19 pandemic in a dynamic New Keynesian multi-sectorgeneral equilibrium model. We find that, cumulated over 2020-2022, output lossesrelative to steady state can be reduced by more than 4...

Persistent link: https://www.econbiz.de/10012671256

What is the Importance of Monetary and Fiscal Shocks in Explaining US Macroeconomic Fluctuations?

Rossi, Barbara; Zubairy, Sarah - 2011

This paper analyzes the importance of monetary and fiscal policy shocks in explaining US macroeconomic fluctuations, and establishes new stylized facts. The novelty of our empirical analysis is that we jointly consider both monetary and fiscal policy, whereas the existing literature only focuses...

Persistent link: https://www.econbiz.de/10014186718

Export boom and economic performance : Bolivia 2004-2015

Liza, Melissa; Morales Anaya, Juan Antonio - 2018

The supercycle of high commodity prices has had profound impacts on the Bolivian economy. We have investigated the relations of commodity prices with the main indicators of macroeconomic performance. We have found significant ties in our statistical analysis. An important question that we...

Persistent link: https://www.econbiz.de/10011816961

Policy evaluation in macroeconomics : unemployment, fiscal rules, and exchange rates

Gehrke, Britta - 2014

Persistent link: https://www.econbiz.de/10010442652

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

Opening the red budget box : nonlinear effects of a tax shock in the UK

Colombo, Valentina - 2020

This paper studies the real effects of an exogenous UK tax change in recessions and expansions. The tax shock is … regressions (Granger and Teräsvirta, 1994), tax policy shock is found to affect UK macroeconomic variables depending on the phase … of the business cycle the economy is when tax shock occurs. An exogenous tax cut in recessions triggers a large …

Persistent link: https://www.econbiz.de/10012164687

Fiscal news and macroeconomic volatility

Born, Benjamin; Peter, Alexandra; Pfeifer, Johannes - 2011

This paper analyzes the contribution of anticipated capital and labor tax shocks to business cycle volatility in an estimated New Keynesian DSGE model. While fiscal policy accounts for 12 to 20 percent of output variance at business cycle frequencies, the anticipated component hardly matters for...

Persistent link: https://www.econbiz.de/10009748254

The impact of fiscal policy on economic activity over the business cycle : evidence from a threshold VAR analysis

Baum, Anja; Koester, Gerrit B. - 2011

Does the state of the business cycle matter for the effects of fiscal policy shocks on GDP? This study analyses quarterly German data from 1976 to 2009 in a threshold SVAR, expanding the SVAR approach by Blanchard and Perotti (2002). In a linear benchmark SVAR, the analysis finds that hiking...

Persistent link: https://www.econbiz.de/10008936115

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