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Top-down vs. bottom-up? : reconciling the effects of tax and transfer shocks on output
Gechert, Sebastian; Paetz, Christoph; Villanueva, Paloma - 2016
multiplier effects of shocks to net-revenues, taxes, social security contributions and benefits in a proxy SVAR framework …). We find multiplier effects of net-revenue components for Germany between 0 and 1 for both the top-down and bottom …
Persistent link: https://www.econbiz.de/10011477467
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Identifying shocks via time-varying volatility
Lewis, Daniel J. - 2018
An n-variable structural vector auto-regression (SVAR) can be identified (up to shock order) from the evolution of the residual covariance across time if the structural shocks exhibit heteroskedasticity (Rigobon (2003), Sentana and Fiorentini (2001)). However, the path of residual covariances is...
Persistent link: https://www.econbiz.de/10011926201
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Dormant Shocks and Fiscal Virtue
Bianchi, Francesco - 2013
We develop a theoretical framework to account for the observed instability of the link between inflation and fiscal … bank that has full control over inflation. When policy makers deviate from this Virtuous regime, agents conduct Bayesian … pessimistic about a prompt return to the Virtuous regime and inflation starts drifting in response to a fiscal imbalance. Shocks …
Persistent link: https://www.econbiz.de/10013080961
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Optimal monetary and fiscal policy with a zero bound on nominal interest rates
Schmidt, Sebastian - 2012
I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal interest rates may occasionally hit the zero lower bound. The benevolent policymaker controls the short-term nominal interest rate and the level of government spending. Under discretionary policy,...
Persistent link: https://www.econbiz.de/10010391983
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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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It's Never Different : Fiscal Policy Shocks and Inflation
Cevik, Serhan; Miryugin, Fedor - 2023
This paper investigates the impact of fiscal shocks on inflation, using a large panel of 139 countries over the period … 1970–2021. First, both headline and core measures of inflation increase in response to expansionary shifts in the fiscal … with care in aggregate demand management as it has significant effects on inflation, which are highly dependent on fiscal …
Persistent link: https://www.econbiz.de/10014354525
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Fiscal Policy Shocks in the Euro Area and the US : An Empirical Assessment
Burriel, Pablo - 2009
we analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. to allow for comparability with previous results on euro area countries and the us, we use a standard structural var framework, and...
Persistent link: https://www.econbiz.de/10013152939
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Fiscal Policy Shocks in the Euro Area and the US : An Empirical Assessment
Burriel, Pablo - 2009
We analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US, we use a standard structural VAR framework, and...
Persistent link: https://www.econbiz.de/10013153261
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The macroeconomic effects of government spending shocks in New Zealand
Lyu, Yifei - 2021
This paper estimates the macroeconomic effects of government spending shocks in New Zealand. Using a structural vector autoregression (SVAR) model, I find small output multipliers for government consumption but large multipliers for government investment. Importantly, the real exchange rate...
Persistent link: https://www.econbiz.de/10012548884
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Estimating the Effects of Fiscal Policy in OECD Countries
Perotti, Roberto - 2021
This paper studies the effects of fiscal policy on GDP, prices and interest rates in 5 OECD countries, using a structural Vector Autoregression approach. Its mains results can be summarized as follows; 1) The effects of fiscal policy on GDP and its components have become substantially weaker in...
Persistent link: https://www.econbiz.de/10013320219