Sources of Borrowing and Fiscal Multipliers
نویسندگان
چکیده
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...
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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 کاملBorrowing High vs. Borrowing Higher: Sources and Consequences of Dispersion in Individual Borrowing Costs
For many households, paying lower borrowing costs is the surest, fastest way to increase net worth. Using administrative, credit bureau and survey data on U.S. credit cards, we find pervasive and systematic cross-individual variation in borrowing costs. Credit risk and product differentiation explain about one-third of that variation. The remaining riskadjusted dispersion can materially affect ...
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...
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ژورنال
عنوان ژورنال: The Economic Journal
سال: 2020
ISSN: 0013-0133,1468-0297
DOI: 10.1093/ej/ueaa051