Showing 1 - 10 of 1,174
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/10011605179
Building on the dataset and identification strategy of Ramey and Zubairy (2018), this paper investigates the dynamic effects of fiscal shocks using a state-dependent local projection approach. By interacting fiscal shocks with a continuous state variable, the analysis captures how fiscal...
Persistent link: https://www.econbiz.de/10015456387
This paper estimates fiscal multipliers using quarterly data for a panel of nine developing Asian economies, following a vector autoregression model specification, but using local projections to extract the impulse responses. We provide evidence that the 4-quarter and 8-quarter cumulative...
Persistent link: https://www.econbiz.de/10012607947
This paper quantitatively assesses the macroeconomic effects of the recently agreed U.S. bipartisan infrastructure spending bill in a neoclassical growth model. We add to the literature by considering a more detailed tax structure, different types of infrastructure spending and linkages between...
Persistent link: https://www.econbiz.de/10012801569
This paper estimates and analyzes multipliers for tax revenue and public spending for Colombia using structural autoregressive vectors and local projections models. Quarterly series of the central national government between 2000Q1 and 2018Q4 are used. The results show fiscal multipliers that...
Persistent link: https://www.econbiz.de/10013393435
We study empirically how various labor market institutions - (i) union density, (ii) unemployment benefit remuneration, and (iii) employment protection - shape fiscal multipliers and output volatility. Our theoretical model highlights that more stringent labor market institutions attenuate both...
Persistent link: https://www.econbiz.de/10013201691
This paper studies how investment tax incentives stimulate output in a medium-scale DSGE model, which allows for a variety of fiscal financing mechanisms. We find that the horizon following a positive shock in investment tax incentives is crucial. The shock is highly expansionary in the long...
Persistent link: https://www.econbiz.de/10012133944
Using the augmented version of the Blanchard-Perotti's SVAR technique, this paper seeks to empirically estimate the size of fiscal multipliers in Turkey over the period 2002:q3-2016:q2. In contrast to many previous papers that concentrate on fiscal policy instruments -taxes and government...
Persistent link: https://www.econbiz.de/10011670351
Following the Great Recession, many European countries implemented fiscal consolidation policies aimed at reducing government debt. Using three independent data sources and three different empirical approaches, we document a strong positive relationship between higher income inequality and...
Persistent link: https://www.econbiz.de/10011779237
This paper studies how population aging affects macroeconomic performance and the effectiveness of macroeconomic policies. By using a new Keynesian dynamic stochastic general equilibrium model with heterogeneous households, we find that the effectiveness of monetary policy diminishes as...
Persistent link: https://www.econbiz.de/10012137066