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What determines government spending multipliers? /
This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate regime, pu...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
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| Colección: | IMF working paper ;
WP/12/150. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate regime, public indebtedness, and health of the financial system. The unconditional responses to a positive spending shock broadly confirm earlier findings. However, conditional responses differ systematically across exchange rate regimes, as real appreciation and external deficits occur mainly under currency pegs. We also find output and consumption multipliers to be unusually high during times of financial crisis. |
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| Notas: | Title from PDF title page (IMF Web site, viewed June 8, 2019). "Monetary and Capital Markets Department." "June 2012." |
| Descripción Física: | 1 online resource (46 pages) |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 1475504217 9781475504217 1475556926 9781475556926 |