Effects of Fiscal Stimulus in Structural Models
The paper subjects seven structural DSGE models, all used heavily by policymaking institutions, to discretionary fiscal stimulus shocks using seven different fiscal instruments, and compares the results to those of two prominent academic DSGE models. There is considerable agreement across models on...
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| Published in | American economic journal. Macroeconomics Vol. 4; no. 1; pp. 22 - 68 |
|---|---|
| Main Authors | , , , , , , , , , , , , , , , , |
| Format | Journal Article |
| Language | English |
| Published |
Pittsburgh
American Economic Association
01.01.2012
|
| Subjects | |
| Online Access | Get full text |
| ISSN | 1945-7707 1945-7715 |
| DOI | 10.1257/mac.4.1.22 |
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| Abstract | The paper subjects seven structural DSGE models, all used heavily by policymaking institutions, to discretionary fiscal stimulus shocks using seven different fiscal instruments, and compares the results to those of two prominent academic DSGE models. There is considerable agreement across models on both the absolute and relative sizes of different types of fiscal multipliers. The size of many multipliers is large, particularly for spending and targeted transfers. Fiscal policy is most effective if it has moderate persistence and if monetary policy is accommodative. Permanently higher spending or deficits imply significantly lower initial multipliers. |
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| AbstractList | The paper subjects seven structural DSGE models, all used heavily by policymaking institutions, to discretionary fiscal stimulus shocks using seven different fiscal instruments, and compares the results to those of two prominent academic DSGE models. There is considerable agreement across models on both the absolute and relative sizes of different types of fiscal multipliers. The size of many multipliers is large, particularly for spending and targeted transfers. Fiscal policy is most effective if it has moderate persistence and if monetary policy is accommodative. Permanently higher spending or deficits imply significantly lower initial multipliers. The paper subjects seven structural DSGE models, all used heavily by policymaking institutions, to discretionary fiscal stimulus shocks using seven different fiscal instruments, and compares the results to those of two prominent academic DSGE models. There is considerable agreement across models on both the absolute and relative sizes of different types of fiscal multipliers. The size of many multipliers is large, particularly for spending and targeted transfers. Fiscal policy is most effective if it has moderate persistence and if monetary policy is accommodative. Permanently higher spending or deficits imply significantly lower initial multipliers. (JEL E12, E13, E52, E62) [PUBLICATION ABSTRACT] The paper subjects seven structural DSGE models, all used heavily by policymaking institutions, to discretionary fiscal stimulus shocks using seven different fiscal instruments, and compares the results to those of two prominent academic DSGE models. There is considerable agreement across models on both the absolute and relative sizes of different types of fiscal multipliers. The size of many multipliers is large, particularly for spending and targeted transfers. Fiscal policy is most effective if it has moderate persistence and if monetary policy is accommodative. Permanently higher spending or deficits imply significantly lower initial multipliers.(JEL E12, E13, E52, E62) |
| Author | Freedman, Charles Snudden, Stephen Mursula, Susanna Lalonde, René Erceg, Christopher J. Lindé, Jesper Roeger, Werner Coenen, Günter Trabandt, Mathias Kumhof, Michael Laxton, Douglas Mourougane, Annabelle De Resende, Carlos in't Veld, Jan Furceri, Davide Muir, Dirk Roberts, John |
| Author_xml | – sequence: 1 givenname: Günter surname: Coenen fullname: Coenen, Günter – sequence: 2 givenname: Christopher J. surname: Erceg fullname: Erceg, Christopher J. – sequence: 3 givenname: Charles surname: Freedman fullname: Freedman, Charles – sequence: 4 givenname: Davide surname: Furceri fullname: Furceri, Davide – sequence: 5 givenname: Michael surname: Kumhof fullname: Kumhof, Michael – sequence: 6 givenname: René surname: Lalonde fullname: Lalonde, René – sequence: 7 givenname: Douglas surname: Laxton fullname: Laxton, Douglas – sequence: 8 givenname: Jesper surname: Lindé fullname: Lindé, Jesper – sequence: 9 givenname: Annabelle surname: Mourougane fullname: Mourougane, Annabelle – sequence: 10 givenname: Dirk surname: Muir fullname: Muir, Dirk – sequence: 11 givenname: Susanna surname: Mursula fullname: Mursula, Susanna – sequence: 12 givenname: Carlos surname: De Resende fullname: De Resende, Carlos – sequence: 13 givenname: John surname: Roberts fullname: Roberts, John – sequence: 14 givenname: Werner surname: Roeger fullname: Roeger, Werner – sequence: 15 givenname: Stephen surname: Snudden fullname: Snudden, Stephen – sequence: 16 givenname: Mathias surname: Trabandt fullname: Trabandt, Mathias – sequence: 17 givenname: Jan surname: in't Veld fullname: in't Veld, Jan |
| BackLink | http://www.econis.eu/PPNSET?PPN=699914477$$DView this record in ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften |
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| SubjectTerms | Accomodative monetary policy Antizyklische Finanzpolitik Central banks Dynamisches Gleichgewicht Economic analysis Economic conditions Economic growth Economic models Economic policy Economic statistics Economic theory Finanzpolitik Fiscal policy Fiscal stimulus Global economy Government spending Income taxes Inflation rates Liquidity Macroeconomic modeling Macroeconomics Modeling Modellierung Monetary policy Multiplikator Neoklassische Synthese Recessions Studies Tax cuts Theorie Wirtschaftskrise |
| Title | Effects of Fiscal Stimulus in Structural Models |
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