منابع مشابه
Fiscal Multipliers in Japan
In this paper, we estimate government purchase multipliers for Japan, following the approach used previously for a panel of OECD countries (Auerbach and Gorodnichenko, 2013). This approach allows multipliers to vary smoothly according to the state of the economy and uses real-time forecast data to purge policy innovations of their predictable components. For a sample period extending from 1960 ...
متن کاملFiscal Multipliers in Recession and Expansion
In this paper, we estimate government purchase multipliers for a large number of OECD countries, allowing these multipliers to vary smoothly according to the state of the economy and using real-time forecast data to purge policy innovations of their predictable components. We adapt our previous methodology (Auerbach and Gorodnichenko, 2011) to use direct projections rather than the SVAR approac...
متن کاملFiscal Multipliers in War and in Peace
Proponents of fiscal stimulus argue that government spending is needed to replace the private spending normally lost during a recession. Estimates of the so-called fiscal multiplier based on wartime episodes are used to support the proposition that a peacetime intervention can “stimulate” the economy in a desirable manner. The author argues that a wartime crisis is fundamentally different from ...
متن کاملFiscal Policy Multipliers in an RBC Model with Learning∗
Using the standard real business cycle model with lump-sum taxes, we analyze the impact of fiscal policy when agents form expectations using adaptive learning rather than rational expectations (RE). The output multipliers for government purchases are significantly higher under learning, and fall within empirical bounds reported in the literature, which is in sharp contrast to the implausibly lo...
متن کاملDiscussion of “Fiscal Multipliers in Recession and Expansion” by
Auerbach and Gorodnichenko provide impressive evidence about what happens in a panel of advanced economies when government purchases rise or fall. They find that changes in purchases in a weak economy have large effects in the same direction on output and employment. Their point estimate is that one added dollar of government purchases results in about $3.50 of added GDP when the economy is wea...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: IMF working paper
سال: 2022
ISSN: ['1018-5941', '2227-8885']
DOI: https://doi.org/10.5089/9798400215698.001