Articles liés à Finance and Economics Discussion Series: The Analytics...

Finance and Economics Discussion Series: The Analytics of Svars: A Unified Framework to Measure Fiscal Multipliers - Couverture souple

Caldara, Dario; Kamps, Christophe

 
9781288698028: Finance and Economics Discussion Series: The Analytics of Svars: A Unified Framework to Measure Fiscal Multipliers
Couverture souple
ISBN 10 : 128869802X ISBN 13 : 9781288698028
Editeur : BiblioBazaar, LLC, 2013

Synopsis

Does fiscal policy stimulate output? SVARs have been used to address this question but no stylized facts have emerged. We derive analytical relationships between the output elasticities of fiscal variables and fiscal multipliers. We show that standard identification schemes imply different priors on elasticities, generating a large dispersion in multiplier estimates. We then use extra-model information to narrow the set of empirically plausible elasticities, allowing for sharper inference on multipliers. Our results for the U.S. for the period 1947-2006 suggest that the probability of the tax multiplier being larger than the spending multiplier is below 0.5 at all horizons.

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Éditeur
BiblioBazaar, LLC
Date d'édition
2013
Langue
anglais
ISBN 10 
128869802X
ISBN 13 
9781288698028
Reliure
Broché
Nombre de pages
72
Coordonnées du fabricant
non disponible
Personne responsable
non disponible