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Economy works differently Episode 1 : The indisputable proof that Keynes' Investment Multiplier is a Wrong Theory
Vanoverberghe, Didier - 2021
From its publication in The Times in 1933, John Maynard Keynes’s investment multiplier sparked much debate and … theoretical merits of this multiplier. Even the biggest opponents like Friedman have only questioned the multiplier value, judged … to be closed from 1 in the permanent income that competes with it. We will show in this first article that the multiplier …
Persistent link: https://www.econbiz.de/10013213793
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Distribution-Led Growth in the Long Run
Nikiforos, Michalis - 2014
The paper examines the long-run fluctuations in growth and distribution through the prism of wage- and profit-led growth. We argue that the relation between distribution of income and growth changes over time. We propose an endogenous mechanism that leads to fluctuations between wage- and...
Persistent link: https://www.econbiz.de/10013048029
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Distribution-led growth in the long run
Nikiforos, Michalis - 2014
The paper examines the long-run fluctuations in growth and distribution through the prism of wage-and profit-led growth. We argue that the relation between distribution of income and growth changes over time. We propose an endogenous mechanism that leads to fluctuations between wage- and...
Persistent link: https://www.econbiz.de/10010402587
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Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation
Nikiforos, Michalis - 2020
The present paper emphasizes the role of demand, income distribution, endogenous productivity reactions, and other structural changes in the slowdown of the growth rate of output and productivity that has been observed in the United States over the last four decades. In particular, it is...
Persistent link: https://www.econbiz.de/10012842599
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Demand, distribution, productivity, structural change, and (secular?) stagnation
Nikiforos, Michalis - 2020
The present paper emphasizes the role of demand, income distribution, endogenous productivity reactions, and other structural changes in the slowdown of the growth rate of output and productivity that has been observed in the United States over the last four decades. In particular, it is...
Persistent link: https://www.econbiz.de/10012165405
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Fiscal spending multiplier calculations based on input-output tables – with an application to EU members
Pusch, Toralf; Rannenberg, Ansgar - 2011
Fiscal spending multiplier calculations have been revived in the aftermath of the global financial crisis. Much of the … current literature is based on VAR estimation methods and DSGE models. The aim of this paper is not a further deepening of … multiplier for EU members. Multipliers for specific spending categories are comparably high, ranging between 1.4 and 1.8 for many …
Persistent link: https://www.econbiz.de/10009126063
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A Pitfall with DSGE-Based, Estimated, Government Spending Multipliers
Fève, Patrick - 2012
This paper examines issues related to the estimation of the government spending multiplier (GSM) in a Dynamic … to cross-equation restrictions, omitting the endogenous component of government policy at the estimation stage would lead …
Persistent link: https://www.econbiz.de/10013106526
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The time for austerity : estimating the average treatment effect of fiscal policy
Jordà, Òscar; Taylor, Alan M. - 2014
After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...
Persistent link: https://www.econbiz.de/10010463587
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German and the rest of euro area fiscal policy during the crisis
Gadatsch, Niklas; Hauzenberger, Klemens; Stähler, Nikolai - 2015
We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the world. Compared to existing models of this type, GEAR incorporates a comprehensive fiscal block, involuntary unemployment and a complex international structure. We use the model...
Persistent link: https://www.econbiz.de/10010516561
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Cyclical Variation in the Government Spending Multipliers : A Markov-switching SVAR Approach
Lyu, Yifei - 2019
spending multipliers. We show that the multiplier values are statistically larger during recessions than during expansions …
Persistent link: https://www.econbiz.de/10012900667