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Hysteresis and fiscal stimulus in a recession. [PDF]
J Int Money Finance, 2022 The COVID-19 pandemic initiated a deep global recession, and with interest rates at very low levels, warrants consideration of the efficacy of different forms of fiscal stimulus in response. History reveals that deep recessions may cause output and total factor productivity (TFP) hysteresis, a permanent or highly persistent fall in the levels of output
Tervala J, Watson T.
europepmc +5 more sources
Monetary-Fiscal Policy Interactions and Fiscal Stimulus [PDF]
SSRN Electronic Journal, 2009 Increases in government spending trigger substitution effects — both inter- and intra-temporal — and a wealth effect. The ultimate impacts on the economy hinge on current and expected monetary and fiscal policy behavior. Studies that impose active monetary policy and passive fiscal policy typically find that government consumption crowds out private ...
Davig, Troy, Leeper, Eric M.
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Expectations and Fiscal Stimulus [PDF]
SSRN Electronic Journal, 2009 Increases in unproductive government spending trigger substitution effects—both inter- and intra-temporal—and a wealth effect. The ultimate impacts on the economy hinge on current and expected monetary and fiscal policy behavior. Studies that impose active monetary policy and passive fiscal policy typically find that government consumption crowds out ...
Troy Davig, Eric M. Leeper
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Fiscal Stimulus with Spending Reversals [PDF]
Review of Economics and Statistics, 2009 The impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government spending under a plausible debt-stabilizing policy that links current stimulus to a subsequent period of spending restraint. Accounting for
Corsetti, Giancarlo +2 more
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FISCAL STIMULUS WITH LEARNING‐BY‐DOING [PDF]
International Economic Review, 2018 AbstractUsing a Bayesian structural vector autoregression analysis, we document that an increase in government purchases raises private consumption, the real wage, and total factor productivity (TFP) while reducing inflation. These three facts are hard to reconcile with both neoclassical and New Keynesian models.
d’Alessandro A, Fella G, Melosi L
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On the fiscal impulse of the stimulus package
Wirtschaftsdienst, 2020 Jens Boysen-Hogrefe
doaj +2 more sources
A Fiscal Stimulus and Jobless Recovery [PDF]
IMF Working Papers, 2013 We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions, deep habits in private and public consumption, investment adjustment costs, a constant-elasticity-of-substitution (CES) production function, and adjustments in employment both at the intensive as well as the extensive margin. The
Cantore C., Levine P., Melina G.
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Fiscal stimulus and unemployment dynamics [PDF]
The B.E. Journal of Macroeconomics, 2019 Abstract Focusing on both hiring and firing margins, this paper revisits effects of fiscal stimulus on unemployment. We develop a DSGE model with search frictions where job separation is endogenously determined. The predictions of the model are in contrast with earlier studies that assume exogenous separation.
Chun-Hung Kuo, Hiroaki Miyamoto
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The Dark Side of Fiscal Stimulus [PDF]
SSRN Electronic Journal, 2011 Most of the discussion about fiscal stimulus focuses on the multiplier of gov- ernment spending on impact. In this paper we shift the focus to the multiplier at the end, i.e. to the period in which a deficit spending program terminates. We show that recent time series analyses as well as economic models of different schools of thought predict that the ...
Trimborn, Timo, Strulik, Holger
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Tax Policy for Economic Recovery and Sustainable Development After COVID-19
Problemy Ekorozwoju, 2022 The optimal taxation level and tax structure depend on numerous factors and enormously differ from country to country. However, the two mentioned tax policy instruments could ensure economic recovery and sustainable economic growth. This article aims to
Tetiana Kaneva +4 more
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