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...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Corsetti, Giancarlo (Autor), Meier, Andre (Autor), Müller, Gernot, 1943- (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, ©2012.
Colección:IMF working paper ; WP/12/150.
Temas:
Expenditures, Public.
Multiplier (Economics)
Financial crises > OECD countries.
Finance, Public > OECD countries.
Foreign exchange > OECD countries.
Dépenses publiques.
Multiplicateur (Économie politique)
Finances publiques > Pays de l'Organisation de coopération et de développement économiques.
Change > Pays de l'Organisation de coopération et de développement économiques.
Expenditures, Public
Finance, Public
Financial crises
Foreign exchange
OECD countries
Acceso en línea:Texto completo
Tabla de Contenidos:
  • 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.
  • 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.
  • 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.

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