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Multipliers of taxes and public spending in Colombia : SVAR and local projections approaches

Restrepo-Ángel, Sergio; Rincón Castro, Hernán; … - In: Latin American journal of central banking : LAJCB 3 (2022) 3, pp. 1-22

This paper estimates and analyzes multipliers for tax revenue and public spending for Colombia using structural autoregressive vectors and local projections models. Quarterly series of the central national government between 2000Q1 and 2018Q4 are used. The results show fiscal multipliers that...

Persistent link: https://www.econbiz.de/10013393435

What are the Effects of Fiscal Policy Shocks?

Uhlig, Harald; Mountford, Andrew - 2008

We investigate the effects of fiscal policy surprises for US data, using vector autoregressions. We overcome the difficulties that changes in fiscal policy may manifest themselves in variables other than fiscal variables first and that fiscal variables may respond "automatically" to business...

Persistent link: https://www.econbiz.de/10014118576

What are the effects of fiscal policy shocks?

Mountford, Andrew (contributor); Uhlig, Harald (contributor) - 2005

We propose and apply a new approach for analyzing the effects of fiscal policy using vector autoregressions. Unlike most of the previous literature this approach does not require that the contemporaneous reaction of some variables to fiscal policy shocks be set to zero or need additional...

Persistent link: https://www.econbiz.de/10003147823

The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area

Afonso, António; Alves, José; Ionta, Serena - 2023

We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn's (1998) approach through Schlicht's (2003)...

Persistent link: https://www.econbiz.de/10014313459

Debt and the Effects of Fiscal Policy

Favero, Carlo A.; Giavazzi, Francesco - 2007

the effects of fiscal shocks, keeping track of the debt dynamics that arise following a fiscal shock and allowing for the … possibility that taxes, spending, and interest rates might respond to the level of the debt as it evolves over time. We show that … the absence of a debt feedback effect can result in incorrect estimates of the dynamic effects of fiscal shocks. In …

Persistent link: https://www.econbiz.de/10014225323

The Macroeconomic Effects of Fiscal Consolidation in Emerging Economies : Evidence from Latin America

Carriere-Swallow, Yan - 2018

We estimate the short-term effects of fiscal consolidation on economic activity in 14countries in Latin America and the Caribbean. We examine contemporaneous policy documents to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to...

Persistent link: https://www.econbiz.de/10012913884

Identifying Global and National Output and Fiscal Policy Shocks Using a Gvar

Chudik, Alexander - 2019

the interactions between public debt and real output growth in a multicountry setting, and the results are compared to … of the rate of change of debt-to-GDP. Evidence on the degree of cross-sectional dependence in these variables and their … framework. It is found that posterior median debt elasticity with respect to output is much larger when the rise in output is …

Persistent link: https://www.econbiz.de/10012892134

Empirical Investigation of Fiscal Policy Shocks in the UK

Kamal, Mona - 2011

This article examines fiscal policy shocks in the UK through using a Bayesian Vector Auto-regression (BVAR) model which applies Mountford and Uhlig (2009) type sign restriction. It investigates the impact of three fiscal policy experiments on macroeconomic variable. Specifically, the...

Persistent link: https://www.econbiz.de/10013132483

Effectiveness of Countercyclical Fiscal Policy : Time-Series Evidence from Developing Asia

Jha, Shikha - 2010

As the global crisis hit developing Asia, several countries instituted fiscal stimulus measures to create domestic demand. With the region returning to normal times, in this paper we draw lessons using historical data from 10 developing Asian countries to examine if countercyclical fiscal policy...

Persistent link: https://www.econbiz.de/10013137880

Iceland : Challenging Times for Monetary and Fiscal Policies

De Michelis, Andrea - 2011

deep recession; the exchange rate has plunged; capital flows have been frozen; inflation is elevated; public debt has risen …

Persistent link: https://www.econbiz.de/10013125090