Effects of fiscal stimulus in structural models

Davide Furceri; René Lalonde; Dirk Muir; Susanna Mursula; Mathias Trabandt; Stephen Snudden; Carlos De Resende; Werner Roeger; Jesper Lindé; Douglas Laxton; Jan In'T Veld; John Roberts; Michael Kumhof; Günter Coenen; Charles Freedman; Christopher J. Erceg; Annabelle Mourougane

Effects of fiscal stimulus in structural models

Davide Furceri, René Lalonde, Dirk Muir, Susanna Mursula, Mathias Trabandt, Stephen Snudden, Carlos De Resende, Werner Roeger, Jesper Lindé, Douglas Laxton, Jan In'T Veld, John Roberts, Michael Kumhof, Günter Coenen, Charles Freedman, Christopher J. Erceg, Annabelle Mourougane

Scienze Economiche, Aziendali e Statistiche

Risultato della ricerca: Article

175 Citazioni (Scopus)

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.

Lingua originale	English
pagine (da-a)	22-68
Numero di pagine	47
Rivista	AMERICAN ECONOMIC JOURNAL. MACROECONOMICS
Volume	4
Stato di pubblicazione	Published - 2012

Fingerprint

All Science Journal Classification (ASJC) codes

Economics, Econometrics and Finance(all)

Cita questo

Furceri, D., Lalonde, R., Muir, D., Mursula, S., Trabandt, M., Snudden, S., De Resende, C., Roeger, W., Lindé, J., Laxton, D., In'T Veld, J., Roberts, J., Kumhof, M., Coenen, G., Freedman, C., Erceg, C. J., & Mourougane, A. (2012). Effects of fiscal stimulus in structural models. AMERICAN ECONOMIC JOURNAL. MACROECONOMICS, 4, 22-68.

Effects of fiscal stimulus in structural models. / Furceri, Davide; Lalonde, René; Muir, Dirk; Mursula, Susanna; Trabandt, Mathias; Snudden, Stephen; De Resende, Carlos; Roeger, Werner; Lindé, Jesper; Laxton, Douglas; In'T Veld, Jan; Roberts, John; Kumhof, Michael; Coenen, Günter; Freedman, Charles; Erceg, Christopher J.; Mourougane, Annabelle.

In: AMERICAN ECONOMIC JOURNAL. MACROECONOMICS, Vol. 4, 2012, pag. 22-68.

Risultato della ricerca: Article

Furceri, Davide ; Lalonde, René ; Muir, Dirk ; Mursula, Susanna ; Trabandt, Mathias ; Snudden, Stephen ; De Resende, Carlos ; Roeger, Werner ; Lindé, Jesper ; Laxton, Douglas ; In'T Veld, Jan ; Roberts, John ; Kumhof, Michael ; Coenen, Günter ; Freedman, Charles ; Erceg, Christopher J. ; Mourougane, Annabelle. / Effects of fiscal stimulus in structural models. In: AMERICAN ECONOMIC JOURNAL. MACROECONOMICS. 2012 ; Vol. 4. pagg. 22-68.

@article{de35c44b57a64c8b9a06b26ae549f309,

title = "Effects of fiscal stimulus in structural models",

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.",

keywords = "Econometrics and Finance (all)2001 Economics, Econometrics and Finance (miscellaneous), Economics, Econometrics and Finance (all)2001 Economics, Econometrics and Finance (miscellaneous), Economics",

author = "Davide Furceri and Ren{\'e} Lalonde and Dirk Muir and Susanna Mursula and Mathias Trabandt and Stephen Snudden and {De Resende}, Carlos and Werner Roeger and Jesper Lind{\'e} and Douglas Laxton and {In'T Veld}, Jan and John Roberts and Michael Kumhof and G{\"u}nter Coenen and Charles Freedman and Erceg, {Christopher J.} and Annabelle Mourougane",

year = "2012",

language = "English",

volume = "4",

pages = "22--68",

journal = "American Economic Journal: Macroeconomics",

issn = "1945-7707",

publisher = "American Economic Association",

}

TY - JOUR

T1 - Effects of fiscal stimulus in structural models

AU - Furceri, Davide

AU - Lalonde, René

AU - Muir, Dirk

AU - Mursula, Susanna

AU - Trabandt, Mathias

AU - Snudden, Stephen

AU - De Resende, Carlos

AU - Roeger, Werner

AU - Lindé, Jesper

AU - Laxton, Douglas

AU - In'T Veld, Jan

AU - Roberts, John

AU - Kumhof, Michael

AU - Coenen, Günter

AU - Freedman, Charles

AU - Erceg, Christopher J.

AU - Mourougane, Annabelle

PY - 2012

Y1 - 2012

N2 - 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.

AB - 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.

KW - Econometrics and Finance (all)2001 Economics

KW - Econometrics and Finance (miscellaneous)

KW - Economics

KW - Econometrics and Finance (all)2001 Economics

KW - Econometrics and Finance (miscellaneous)

KW - Economics

UR - http://hdl.handle.net/10447/111291

UR - http://pubs.aeaweb.org/doi/pdfplus/10.1257/mac.4.1.22

M3 - Article

VL - 4

SP - 22

EP - 68

JO - American Economic Journal: Macroeconomics

JF - American Economic Journal: Macroeconomics

SN - 1945-7707

ER -

Effects of fiscal stimulus in structural models

Abstract

Fingerprint

All Science Journal Classification (ASJC) codes

Cita questo

Accesso al documento