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Global policy at the zero lower bound in a large-scale DSGE model

Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo - 2010

The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...

Persistent link: https://www.econbiz.de/10008688538

Fiscal stimulus and distortionary taxation

Drautzburg, Thorsten; Uhlig, Harald - 2011 - This revision: May 30, 2011

-run multipliers around 0.52 and modestly negative long-run multipliers around -0.42. The multiplier is sensitive to the fraction of …. -- Fiscal Stimulus ; New Keynesian model ; liquidity trap ; zero lower bound ; fiscal multiplier … modestly negative long-run multipliers around -0.42. The multiplier is sensitive to the fraction of transfers given to credit …

Persistent link: https://www.econbiz.de/10009129765

Using military build-ups to capture fiscal shocks : a reassessment

Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - 2014

Ramey (2011a) and others argue that increases in government spending associated with wars and military build-ups constitute a good instrument for measuring the macroeconomic effects of fiscal shocks. We argue that this instrument has two important drawbacks: the composition of government...

Persistent link: https://www.econbiz.de/10010256126

Natural disasters, government spending, and the fiscal multiplier

Fidrmuc, Jan; Ghosh, Sugata; Yang, Weonho - 2015

We estimate the fiscal multiplier associated with shocks to government spending. We consider increases in government … is reflected in the value taken by the fiscal multiplier. This result is obtained when we identify fiscal shocks by the …

Persistent link: https://www.econbiz.de/10011406560

The government spending multiplier at the zero lower bound : evidence from the United States

Di Serio, Mario; Fragetta, Matteo; Gasteiger, Emanuel - 2020

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

Reassessing the cross-sectional fiscal multiplier : evidence from U.S. defense procurement, 1966-2019

Pallante, Gianluca - 2025

This paper revisits the empirical analysis of Nakamura and Steinsson (2014). I reconstruct and extend the original dataset to cover the period 1966-2019, harmonizing two major sources of data: the Defense Contract Action Data System (DCADS) and USAspending.gov. I discuss how to aggregate these...

Persistent link: https://www.econbiz.de/10015396022

Partisanship and Fiscal Policy in Economic Unions : Evidence from U.S. States

Carlino, Gerald A.; Drautzburg, Thorsten; Inman, Robert P. - 2020

times increases the transfer multiplier by 0.30. The observed changes in the share of Republican governors lead to variation … in the multiplier of 0.20 in the model. Local projection methods support this prediction …

Persistent link: https://www.econbiz.de/10014048858

Identifying the Effects of Government Spending Shocks with and without Expected Reversal : An Approach Based on U.S. Real-Time Data

Cimadomo, Jacopo - 2011

This paper investigates how expectations about future government spending affect the transmission of fiscal policy shocks. We study the effects of two different types of government spending shocks in the United States: (i) spending shocks that are accompanied by an expected reversal of public...

Persistent link: https://www.econbiz.de/10013122883

Successful Austerity in the United States, Europe and Japan

Batini, Nicoletta - 2012

The output effects of 2009 fiscal expansions have been hotly debated. But the discussion of fiscal multipliers is even more relevant now that several European countries have had to quickly retract their stimulus measures in an effort to regain market confidence. Using regime-switching VARs we...

Persistent link: https://www.econbiz.de/10013098618

New Keynesian versus old Keynesian government spending multipliers

Cogan, John F.; Cwik, Tobias; Taylor, John B. - 2009

estimated stimulus is extremely small with GDP and employment effects only onesixth as large. -- Fiscal multiplier ; New …

Persistent link: https://www.econbiz.de/10003963764