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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

Consumption and Keynesian Fiscal Policy

Schclarek, Alfredo - 2021

, the estimation results seem to indicate that government consumption shocks have Keynesian effects for both industrial and …

Persistent link: https://www.econbiz.de/10013318911

Does austerity pay off? : conference paper

Born, Benjamin; Müller, Gernot J.; Pfeifer, Johannes - 2014

Austerity measures are frequently enacted when the sustainability of public finances is in doubt. Such doubts are reflected in high sovereign yield spreads and put further strain on government finances. Is austerity successful in restoring market confidence, bringing about a reduction in yield...

Persistent link: https://www.econbiz.de/10010481328

Fiscal space and increasing fiscal resilience

Aizenman, Joshua; Jinjarak, Yothin; Nguyen, Hien Thi Kim; … - 2019

The paper compares fiscal cyclicality across regions and countries from 1960 to 2016. It finds that more than half of 170 countries analyzed in seven regions had, in more recent years, limited fiscal space, and that their fiscal policy was either cyclical or procyclical. This was particularly...

Persistent link: https://www.econbiz.de/10012020530

Limiting Fiscal Procyclicality : Evidence from Resource-Rich Countries

Coutinho, Leonor - 2020

We provide evidence that fiscal policy in resource-rich countries is strongly procyclical. The empirical analysis reveals that on average real government consumption in these countries tends to significantly rise (fall) in good (bad) times. To control for endogeneity we use an instrumental...

Persistent link: https://www.econbiz.de/10012856946

Pandemie verzögert Aufschwung : Demografie bremst Wachstum

Projektgruppe Gemeinschaftsdiagnose - 2021 - Abgeschlossen in Essen am 14. April 2021

Persistent link: https://www.econbiz.de/10015201039

Getting into GEAR : German and the rest of Euro area fiscal policy during the crisis ; conference paper

Gadatsch, Niklas; Hauzenberger, Klemens; Stähler, Nikolai - 2014

In this paper, we use the estimated three-region DSGE model GEAR, which pictures Germany, the Euro Area and the Rest of … Germany and the rest of EMU affected GDP growth and unemployment during the crisis. Not surprisingly, stimulus programmes … policy on domestic GDP growth was only small, however, amounting to a maximum of 1.6% for Germany and 0.8% for the rest of …

Persistent link: https://www.econbiz.de/10010486694

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 … present-value multipliers for distinct fiscal instruments, and to assess how discretionary fiscal policy in Germany and the …-on-quarter GDP growth substantially, both in Germany and in the rest of the Euro Area. The main drivers of GDP growth in Europe …

Persistent link: https://www.econbiz.de/10010516561

The time for austerity : estimating the average treatment effect of fiscal policy

Jordà, Òscar; Taylor, Alan M. - In: The economic journal : the journal of the Royal … 126 (2016) 590, pp. 219-255

Persistent link: https://www.econbiz.de/10015105968

The time for austerity : estimating the average treatment effect of fiscal policy

Jordà, Òscar; Taylor, Alan M. - 2013

Persistent link: https://www.econbiz.de/10010193273