Getting Into the Nitty-Gritty of Fiscal Multipliers: Small Details, Big Impacts PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Getting Into the Nitty-Gritty of Fiscal Multipliers: Small Details, Big Impacts PDF full book. Access full book title Getting Into the Nitty-Gritty of Fiscal Multipliers: Small Details, Big Impacts by José Federico Geli. Download full books in PDF and EPUB format.
Author: José Federico Geli
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 50
Get Book Here
Book Description
Despite the remarkable progress the literature has made throughout the past years in studying fiscal multipliers, estimates still vary considerably across studies. Partly, estimates differ because of context-specific variables that affect multipliers, but also because of the lack of a standardized framework to calculate and report them, making comparisons among studies hard to make. In this paper, we use a large panel of countries to study how some important methodological details affect the empirical estimates. Focusing on emerging economies, we show how slight changes in the filtering approach of fiscal forecast errors or the accumulation procedure of responses can significantly impact estimates. We emphasize that one of the most important features of estimating multipliers is the endogenous dynamic responses of fiscal variables to fiscal shocks, and therefore we argue against reporting multipliers as simply the output response to exogenous fiscal innovations. Although our baseline results are in line with the previous studies, our standardized framework allow us to make fairer comparisons of multiplier estimates across budgetary items and country income groups.
Author: José Federico Geli
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 50
Get Book Here
Book Description
Despite the remarkable progress the literature has made throughout the past years in studying fiscal multipliers, estimates still vary considerably across studies. Partly, estimates differ because of context-specific variables that affect multipliers, but also because of the lack of a standardized framework to calculate and report them, making comparisons among studies hard to make. In this paper, we use a large panel of countries to study how some important methodological details affect the empirical estimates. Focusing on emerging economies, we show how slight changes in the filtering approach of fiscal forecast errors or the accumulation procedure of responses can significantly impact estimates. We emphasize that one of the most important features of estimating multipliers is the endogenous dynamic responses of fiscal variables to fiscal shocks, and therefore we argue against reporting multipliers as simply the output response to exogenous fiscal innovations. Although our baseline results are in line with the previous studies, our standardized framework allow us to make fairer comparisons of multiplier estimates across budgetary items and country income groups.
Author: Ethan Ilzetzki
Publisher: International Monetary Fund
ISBN: 1455218022
Category : Business & Economics
Languages : en
Pages : 68
Get Book Here
Book Description
We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics, such as the level of development, exchange rate regime, openness to trade, and public indebtedness. Based on a novel quarterly dataset of government expenditure in 44 countries, we find that (i) the output effect of an increase in government consumption is larger in industrial than in developing countries, (ii) the fisscal multiplier is relatively large in economies operating under predetermined exchange rate but zero in economies operating under flexible exchange rates; (iii) fiscal multipliers in open economies are lower than in closed economies and (iv) fiscal multipliers in high-debt countries are also zero.
Author: Tannous Kass-Hanna
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 41
Get Book Here
Book Description
Empirical (employing the Blanchard-Perotti framework) and modeling (using a country-specific DSGE model) approaches are used to estimate fiscal multipliers by policy instrument for Bolivia, to evaluate possible adjustments in a fiscal consolidation strategy. Multipliers are also estimated using alternative assumptions about the accompanying exchange rate regime and capital mobility, highlighting the importance of the policy mix in determining the impact of fiscal adjustments. The study exploits the DSGE modeling structure to assess this interaction of fiscal and monetary policy in a lower middle-income country under different exchange rate regimes. It finds that expenditure multipliers fall into the range of 1/3 to 2/3, with public investment multipliers slightly higher than government consumption multipliers over longer horizons, and multipliers generally higher under a peg than inflation targeting. Tax multipliers are shown to be about half of expenditure multipliers.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1513574469
Category : Business & Economics
Languages : en
Pages : 47
Get Book Here
Book Description
This paper provides estimates of output multipliers for spending in clean energy and biodiversity conservation, as well as for spending on non-ecofriendly energy and land use activities. Using a new international dataset, we find that every dollar spent on key carbon-neutral or carbon-sink activities can generate more than a dollar’s worth of economic activity. Although not all green and non-ecofriendly expenditures in the dataset are strictly comparable due to data limitations, estimated multipliers associated with spending on renewable and fossil fuel energy investment are comparable, and the former (1.1-1.5) are larger than the latter (0.5-0.6) with over 90 percent probability. These findings survive several robustness checks and lend support to bottom-up analyses arguing that stabilizing climate and reversing biodiversity loss are not at odds with continuing economic advances.
Author: Stuart E. Johnson
Publisher: Rand Corporation
ISBN: 0833034103
Category : Political Science
Languages : en
Pages : 415
Get Book Here
Book Description
It is still easy to underestimate how much the collapse of the Soviet Union and the end of the Cold War?--and then the terrorist attacks of September 11, 2001?--transformed the task of American foreign and defense policymaking. In place of predictability (if a sometimes terrifying predictability), the world is now very unpredictable. In place of a single overriding threat and benchmark by which all else could be measured, a number of possible threats have arisen, not all of them states. In place of force-on-force engagements, U.S. defense planners have to assume "asymmetric" threats?--ways not to defeat U.S. power but to render it irrelevant. This book frames the challenges for defense policy that the transformed world engenders, and it sketches new tools for dealing with those challenges?--from new techniques in modeling and gaming, to planning based on capabilities rather than threats, to personnel planning and making use of "best practices" from the private sector.
Author: André Sapir
Publisher: Oxford University Press on Demand
ISBN: 9780199271498
Category : Business & Economics
Languages : en
Pages : 220
Get Book Here
Book Description
This book is the report of a high-level group commissioned by the President of the European Commission to review the EU economic system and propose a blueprint for an economic system capable of delivering faster growth along with stability and cohesion.
Author: Frank Banks
Publisher: Routledge
ISBN: 1000318303
Category : Education
Languages : en
Pages : 304
Get Book Here
Book Description
considers what the STEM subjects contribute separately to the curriculum and how they relate to each other in the wider education of secondary school students describes and evaluates different curriculum models for STEM suggests ways in which a critical approach to the pedagogy of the classroom, laboratory and workshop can support and encourage all pupils to engage fully in STEM addresses the practicalities of introducing, organising and sustaining STEM-related activities in the secondary school looks to ways schools can manage and sustain STEM approaches in the long-term
Author: Domenico Delli Gatti
Publisher: Cambridge University Press
ISBN: 1108414990
Category : Business & Economics
Languages : en
Pages : 261
Get Book Here
Book Description
The first step-by-step introduction to the methodology of agent-based models in economics, their mathematical and statistical analysis, and real-world applications.
Author:
Publisher:
ISBN: 9781940804590
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Barry Eichengreen
Publisher: Brookings Institution Press
ISBN: 0815726120
Category : Political Science
Languages : en
Pages : 401
Get Book Here
Book Description
A Brookings Institution Press and Asian Development Bank Institute publication Meet the next global currency: the Chinese renminbi, or the "redback." Following the global financial crisis of 2008, China's major monetary policy objective is the internationalization of the renminbi, that is, to create an inter-national role for its currency akin to the international role currently played by the U.S. dollar. Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government's aspirations and the larger process of economic and financial transformation. Making the renminbi a global currency requires rebalancing the Chinese economy, developing the country's financial markets and opening them to the rest of the world, and moving to a more flexible exchange rate. In other words, the internationalization of the renminbi is a monetary and financial issue with much broader supra-monetary and financial implications. This book offers a new perspective on the larger issues of economic, financial, and institutional change in what will eventually be the world's largest economy.
