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  1. Episodes of war and peace in an estimated open economy model
    Author: Auray, Stéphane; Eyquem, Aurélien
    Published: [2016]
    Publisher:  Centre de recherche en economie et statistique, [Palaiseau]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Série des documents de travail / Centre de recherche en economie et statistique ; no. 2016, 01
    Subjects: War; Trade; Taxes; Debt; Multipliers; Welfare
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  2. Fiscal policy and aggregate demand in the U.S. before, during and following the Great Recession
    Author: Cashin, David; Lenney, Jamie; Lutz, Byron F.; Peterman, William B.
    Published: April 14th, 2017
    Publisher:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

    We examine the effect of federal and subnational fiscal policy on aggregate demand in the U.S. by introducing the fiscal effect (FE) measure. FE can be decomposed into three components. Discretionary FE quantifies the effect of discretionary or... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

     

    We examine the effect of federal and subnational fiscal policy on aggregate demand in the U.S. by introducing the fiscal effect (FE) measure. FE can be decomposed into three components. Discretionary FE quantifies the effect of discretionary or legislated policy changes on aggregate demand. Cyclical FE captures the effect of the automatic stabilizers--changes in government taxes and spending arising from the business cycle. Residual FE measures the effect of all changes in government revenues and outlays which cannot be categorized as either discretionary or cyclical; for example, it captures the effect of the secular increase in entitlement program spending due to the aging of the population. We use FE to examine the contribution of fiscal policy to growth in real GDP over the course of the Great Recession and current expansion. We compare this contribution to the contributions to growth in aggregate demand made by fiscal policy over past business cycles. In doing so, we highlight that the relatively strong support of government policy to GDP growth during the Great Recession was followed by a historically weak contribution over the course of the current expansion

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Finance and economics discussion series ; 2017, 061
    FEDS Working Paper ; No. 2017-061
    Subjects: Fiscal policy; Great Recession; Multipliers; Public debt and national budget; Public economics; Taxation; Automatic stabilizers
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen