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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 |
|---|---|
| Autores principales: | , , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Colección: | IMF working paper ;
WP/12/150. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 100 | 1 | |a Corsetti, Giancarlo, |e author. | |
| 245 | 1 | 0 | |a What determines government spending multipliers? / |c prepared by Giancarlo Corsetti, Andre Meier, and Gernot J. Müller. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2012. | ||
| 300 | |a 1 online resource (46 pages) | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
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| 347 | |a text file |2 rdaft |0 http://rdaregistry.info/termList/fileType/1002 | ||
| 490 | 1 | |a IMF working paper ; |v WP/12/150 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed June 8, 2019). | ||
| 520 | |a 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. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "Monetary and Capital Markets Department." | ||
| 500 | |a "June 2012." | ||
| 505 | 0 | |a Cover; 1 Introduction; 2 Fiscal policy in different economic environments; 2.1 A theoretical benchmark; 2.2 Pegged exchange rates; 2.3 Weak public finances; 2.4 Financial crises; 3 Empirical strategy; 3.1 Identification issues; 3.2 The first step: Identifying government spending shocks; 3.3 The second step: Tracing the effects of government spending in different economic environments; 3.4 The data; 4 Systematic and non-systematic changes in government spending; 5 The effects of government spending shocks; 5.1 Unconditional effects; 5.2 Accounting for the economic environment. | |
| 505 | 8 | |a 5.3 Sensitivity analysis6 Conclusion; References; Tables; Table 1. Composition of Initial and Final Samples; Table 2. Data Sources and Definitions; Table 3. Results of First-Step Regression; Table 4. Summary Statistics for Estimated Government Spending Shocks; Table 5. Overview of Dummy Characteristics; Figure 5: Results for narrow definition of financial crisis; Figure 6: Results for alternative definition of weak public finances (government debt> 120 percent of GDP and/or lagged net borrowing> 7 percent of GDP); Figure 7: Results for difference specification. | |
| 505 | 8 | |a Figure 8: Results for first-step specification which includes contemporaneous value of crisis dummyFigure 9: Results without CLI in first step; Figure 10: Results for sample without 2007-2008; Figure 11: Results for sample without United States. | |
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Expenditures, Public. | |
| 650 | 0 | |a Multiplier (Economics) | |
| 650 | 0 | |a Financial crises |z OECD countries. | |
| 650 | 0 | |a Finance, Public |z OECD countries. | |
| 650 | 0 | |a Foreign exchange |z OECD countries. | |
| 650 | 6 | |a Dépenses publiques. | |
| 650 | 6 | |a Multiplicateur (Économie politique) | |
| 650 | 6 | |a Finances publiques |z Pays de l'Organisation de coopération et de développement économiques. | |
| 650 | 6 | |a Change |z Pays de l'Organisation de coopération et de développement économiques. | |
| 650 | 7 | |a Expenditures, Public |2 fast | |
| 650 | 7 | |a Finance, Public |2 fast | |
| 650 | 7 | |a Financial crises |2 fast | |
| 650 | 7 | |a Foreign exchange |2 fast | |
| 650 | 7 | |a Multiplier (Economics) |2 fast | |
| 651 | 7 | |a OECD countries |2 fast | |
| 700 | 1 | |a Meier, Andre, |e author. | |
| 700 | 1 | |a Müller, Gernot, |d 1943- |e author. |1 https://id.oclc.org/worldcat/entity/E39PCjrFwrQhG8t9jWq3bDc8bq | |
| 710 | 2 | |a International Monetary Fund. |b Monetary and Capital Markets Department, |e issuing body. | |
| 758 | |i has work: |a What determines government spending multipliers? (Text) |1 https://id.oclc.org/worldcat/entity/E39PCGWhT93df6bvtf3dHCdytX |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | |z 9781475504217 | |
| 776 | 0 | |z 9781475556926 | |
| 830 | 0 | |a IMF working paper ; |v WP/12/150. | |
| 856 | 4 | 0 | |u https://ebookcentral.uam.elogim.com/lib/uam-ebooks/detail.action?docID=1606783 |z Texto completo |
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