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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
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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
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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
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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
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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
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New Keynesian versus old Keynesian government spending multipliers
Cogan, John F.; Cwik, Tobias; Taylor, John B.; Wieland, … - 2009
estimated stimulus is extremely small with GDP and employment effects only one-sixth as large. -- Fiscal Multiplier ; New …
Persistent link: https://www.econbiz.de/10003887419
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On fiscal multipliers : estimates from a medium scale DSGE model
Zubairy, Sarah - 2010
government spending shocks, using Bayesian techniques for US data. I find the multiplier for government spending to be 1.12, and …
Persistent link: https://www.econbiz.de/10008736093
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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
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Fiscal policies and credit regimes : a TVAR approach
Ferraresi, Tommaso; Roventini, Andrea; Fagiolo, Giorgio - 2013
In the present work we investigate how the state of credit markets non-linearly affects the impact of fiscal policies. We estimate a Threshold Vector Autoregression (TVAR) model on U.S quarterly data for the period 1984-2010. We employ the spread between BAA-rated corporate bond yield and...
Persistent link: https://www.econbiz.de/10009702294
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Real-time data and fiscal analysis : a survey of the literature
Cimadomo, Jacopo - 2011
This paper surveys the empirical research on fiscal policy analysis based on real-time data. This literature can be broadly divided in three groups that focus on: (1) the statistical properties of revisions in fiscal data; (2) the political and institutional determinants of projection errors by...
Persistent link: https://www.econbiz.de/10009405594