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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
This study aims to measure the impact of the share of non-Ricardian households on fiscal multipliers. We show that the share of non-Ricardian households in Hungary increased significantly after crisis began and explain why the plausible reason for this increase is the higher level of liquidity...
Persistent link: https://www.econbiz.de/10012123344
We estimate state-dependent government spending multipliers for the United States. We use a Factor-Augmented Interacted Vector Autoregression (FAIVAR) model. This allows us to capture the time-varying monetary policy characteristics including the recent zero interest rate lower bound (ZLB)...
Persistent link: https://www.econbiz.de/10012209159
This paper examines issues related to the estimation of the government spending multiplier (GSM) in a Dynamic …
Persistent link: https://www.econbiz.de/10013106526
spending multipliers. We show that the multiplier values are statistically larger during recessions than during expansions …
Persistent link: https://www.econbiz.de/10012900667
This paper shows that the fiscal multiplier for purchases of durable and investment goods is very small - much smaller … than the multiplier for nondurable goods. Standard models predict small durables multipliers because private sector …
Persistent link: https://www.econbiz.de/10011573302
a Markov switching process. We find that the average government spending multiplier is significantly and persistently … inversely to their error variance. We then show that the multiplier is significantly smaller when volatility is high, consistent …
Persistent link: https://www.econbiz.de/10012289271
We study fiscal spending multipliers of the UK economy using a time-varying parameter factor augmented vector autoregressive (TVP-FAVAR) model. We show that government spending multipliers vary over time and that most of the variation is cyclical: multipliers are typically above one in...
Persistent link: https://www.econbiz.de/10012932638
Empirical literature explains the heterogeneity of fiscal multiplier estimates through the analysis of various cyclical …
Persistent link: https://www.econbiz.de/10015182958
a spending multiplier around unity when the economy is in an expansionary phase. The spending multiplier is greater and …. The tax revenue multiplier is negative and much smaller in magnitude than the spending multiplier. The results are robust …
Persistent link: https://www.econbiz.de/10013393435