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 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 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...
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Government debt levels in industrialized economies are rising rapidly at a time when monetary policy remains constrained by the zero lower bound (ZLB) on policy rates. This confronts policymakers with a formidable challenge. On the one hand, reducing government spending under these circumstances directly curtails demand, potentially undermining economic recovery. On the other hand, delaying con...
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The global financial crisis of 2008–09 has sent public debt on sharply higher trajectories, as governments have provided large-scale support to the financial system, implemented discretionary fiscal stimulus, and accommodated steep drops in tax revenue. With the economic recovery gradually taking hold, the focus is now shifting to fiscal “exit strategies.” Indeed, many countries are set to face...
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ژورنال
عنوان ژورنال: The Economic Journal
سال: 2016
ISSN: 0013-0133,1468-0297
DOI: 10.1111/ecoj.12304