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The role of automatic stabilizers in business cycle : the case of Indonesia
Kuncoro, Haryo - In: European journal of government and economics : EJGE 10 (2021) 2, pp. 167-184
The use of large fiscal stimulus packages to dampen the impact of Covid-19 recently has raised concerns about the effectiveness of the discretionary fiscal policy. This paper aims at analysing the feasibility of automatic fiscal stabilisers to mitigate economic fluctuations in the case of...
Persistent link: https://www.econbiz.de/10013174018
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The Government Spending Multiplier and Fiscal Financing : Insights from Japan
Iwata, Yasuharu - 2011
of how they are to be financed. This paper examines the importance of tax rules in determining the size of the government … economy. This paper shows that the debt-stabilizing tax policies employed in Japan during the 1980s and 1990s played a role in … effective if it is initially financed by debt and if that debt is repaid largely through a gradual increase in capital tax …
Persistent link: https://www.econbiz.de/10013129067
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Monetary Policy, the Financial Cycle and Ultra-Low Interest Rates
Juselius, Mikael - 2016
Do the prevailing unusually and persistently low real interest rates reflect a decline in the natural rate of interest as commonly thought? We argue that this is only part of the story. The critical role of financial factors in influencing medium-term economic fluctuations must also be taken...
Persistent link: https://www.econbiz.de/10012986636
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The euro area government spending multiplier in demand- and supply-driven recessions
Di Serio, Mario; Fragetta, Matteo; Gasteiger, Emanuel; … - 2022
We estimate government spending multipliers in demand- and supply-driven recessions for the Euro Area. Multipliers in a moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between multipliers being non-zero with very high...
Persistent link: https://www.econbiz.de/10013174156
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Opening the red budget box : nonlinear effects of a tax shock in the UK
Colombo, Valentina - 2020
This paper studies the real effects of an exogenous UK tax change in recessions and expansions. The tax shock is … regressions (Granger and Teräsvirta, 1994), tax policy shock is found to affect UK macroeconomic variables depending on the phase … of the business cycle the economy is when tax shock occurs. An exogenous tax cut in recessions triggers a large …
Persistent link: https://www.econbiz.de/10012164687
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The euro area government spending multiplier in demand- and supply-driven recessions?
Di Serio, Mario; Fragetta, Matteo; Gasteiger, Emanuel; … - 2023
We estimate government spending multipliers in demand- and supply-driven recessions for the Euro Area. Multipliers in a moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between multipliers being non-zero with very high...
Persistent link: https://www.econbiz.de/10014364021
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Fiscal policy and the banking system in Italy: have taxes, public spending and banks been procyclical in the long-run?
Piluso, Giandomenico; Ricciuti, Roberto - 2008
quite stable over time. - Credit cycles ; fiscal policy ; procyclicality …
Persistent link: https://www.econbiz.de/10010264470
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How Slow is the Recovery of Loans to Firms in Italy?
Eramo, Ginette - 2019
This paper studies the characteristics of the recent evolution of loans to non-financial firms in Italy from an …-side determinants of credit are also discussed. We find the following results. First, bank loan dynamics have been weak compared to the … universe of recoveries in 13 euro-area countries since 1980; however, credit has evolved in line with the median pattern in the …
Persistent link: https://www.econbiz.de/10012865592
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Fiscal transparency and procyclical fiscal policy
Andersen, Asger Lau; Nielsen, Lasse Holbøll Westh - 2010
This paper examines why fiscal policy is procyclical in developing as well as developed countries. We introduce the concept of fiscal transparency into a model of retrospective voting, in which a political agency problem between voters and politicians generates a procyclical bias in government...
Persistent link: https://www.econbiz.de/10003942080
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Macroeconomic Effects of Government Spending : The Great Recession Was (Really) Different
Klein, Mathias - 2018
We estimate the effect of government spending shocks on the US economy with a time-varying parameter vector autoregression. The recent Great Recession period appears to be characterized by uniquely large impulse responses of output to fiscal shocks. Moreover, the particularity of this period is...
Persistent link: https://www.econbiz.de/10012912155