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

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 originaleEnglish
pagine (da-a)22-68
Numero di pagine47
RivistaAMERICAN ECONOMIC JOURNAL. MACROECONOMICS
Volume4
Stato di pubblicazionePublished - 2012

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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.