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Using data for advanced economies, this paper investigates whether factors identified in the theoretical and empirical literature explain the effectiveness of fiscal policy in responding to recessions. The results are informative about the fiscal response to recessions but provide only a partial explanation of the impact of fiscal policy on economic activity. Overall, it would appear that fiscal multipliers are very small.
Book Synopsis Fiscal Policy and Economic Activity During Recessions in Advanced Economies by : Richard Hemming
Download or read book Fiscal Policy and Economic Activity During Recessions in Advanced Economies written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-05 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data for advanced economies, this paper investigates whether factors identified in the theoretical and empirical literature explain the effectiveness of fiscal policy in responding to recessions. The results are informative about the fiscal response to recessions but provide only a partial explanation of the impact of fiscal policy on economic activity. Overall, it would appear that fiscal multipliers are very small.
Book Synopsis Fiscal policy and economic activity during recessions in advanced economies by : Richard Hemming
Download or read book Fiscal policy and economic activity during recessions in advanced economies written by Richard Hemming and published by . This book was released on 2002 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Policy and Economic Activity During Recession in Advanced Economies by : Richard Hemming
Download or read book Fiscal Policy and Economic Activity During Recession in Advanced Economies written by Richard Hemming and published by . This book was released on 2002 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Book Synopsis The Effectiveness of Fiscal Policy in Stimulating Economic Activity by : Richard Hemming
Download or read book The Effectiveness of Fiscal Policy in Stimulating Economic Activity written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
The paper examines the consequences of fiscal consolidation in times of persistently low growth and high unemployment by estimating medium-term fiscal multipliers during protracted recessions (PR) in a sample of 17 OECD countries. Based on Jorda’s (2005) local projection methodology, we find that cumulative fiscal multipliers related to output, employment and unemployment at five-year horizons are significantly above one during PR episodes. These results suggest that medium-term fiscal consolidation plans to reduce public debt burdens should proceed gradually if economic activity remains below trend for a prolonged period.
Book Synopsis Medium-Term Fiscal Multipliers during Protracted Recessions by : Mr.Salvatore Dell'Erba
Download or read book Medium-Term Fiscal Multipliers during Protracted Recessions written by Mr.Salvatore Dell'Erba and published by International Monetary Fund. This book was released on 2014-12-05 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the consequences of fiscal consolidation in times of persistently low growth and high unemployment by estimating medium-term fiscal multipliers during protracted recessions (PR) in a sample of 17 OECD countries. Based on Jorda’s (2005) local projection methodology, we find that cumulative fiscal multipliers related to output, employment and unemployment at five-year horizons are significantly above one during PR episodes. These results suggest that medium-term fiscal consolidation plans to reduce public debt burdens should proceed gradually if economic activity remains below trend for a prolonged period.
As the debates about the recent global recession and the subsequent recovery have clearly shown, our understanding of these questions has been very limited. This comprehensive text puts the latest global recession and ongoing recovery in perspective. With the support of a companion website and DVD, we have created several multimedia tools to help understand the basics.
Book Synopsis Collapse and Revival by : Mr.Ayhan Kose
Download or read book Collapse and Revival written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2015-10-20 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the debates about the recent global recession and the subsequent recovery have clearly shown, our understanding of these questions has been very limited. This comprehensive text puts the latest global recession and ongoing recovery in perspective. With the support of a companion website and DVD, we have created several multimedia tools to help understand the basics.
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Book Synopsis Fiscal Policy after the Financial Crisis by : Alberto Alesina
Download or read book Fiscal Policy after the Financial Crisis written by Alberto Alesina and published by University of Chicago Press. This book was released on 2013-06-25 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960–2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions. JEL Classification Numbers: E32; E44; E51; F42
Book Synopsis What Happens During Recessions, Crunches and Busts? by : Mr.Ayhan Kose
Download or read book What Happens During Recessions, Crunches and Busts? written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2008-12-01 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960–2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions. JEL Classification Numbers: E32; E44; E51; F42
"This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizeable fiscal and monetary policy ammunition accumulated during the prior years of strong growth. However, their growth prospects weakened since then, and many have less policy space. A Decade After the Global Recession provides the first comprehensive stock-taking of the decade since the global recession from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and be prepared should another global downturn occur"--Publisher's description.
Book Synopsis A Decade After the Global Recession by : M. Ayhan Kose
Download or read book A Decade After the Global Recession written by M. Ayhan Kose and published by . This book was released on 2020-10-30 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizeable fiscal and monetary policy ammunition accumulated during the prior years of strong growth. However, their growth prospects weakened since then, and many have less policy space. A Decade After the Global Recession provides the first comprehensive stock-taking of the decade since the global recession from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and be prepared should another global downturn occur"--Publisher's description.
Contents: (1) Background: Severity of the 2008-2009 Recession; Policy Responses to the Financial Crisis and Recession: Monetary Policy Actions; Fiscal Policy Actions; (2) Is Sustained Economic Recovery Underway?; (3) The Shape of Economic Recovery: Demand Side Problems?: Consumption Spending; Investment Spending; Net Exports; Supply Side Problems?; Policy Responses to Increase the Pace of Economic Recovery: The Case for More Fiscal Stimulus; The Case Against More Fiscal Stimulus; The Case Against More Monetary Stimulus; Economic Projections. This is a print on demand edition of an important, hard-to-find publication.
Book Synopsis Economic Recovery by : Craig K. Elwell
Download or read book Economic Recovery written by Craig K. Elwell and published by DIANE Publishing. This book was released on 2011-04 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Background: Severity of the 2008-2009 Recession; Policy Responses to the Financial Crisis and Recession: Monetary Policy Actions; Fiscal Policy Actions; (2) Is Sustained Economic Recovery Underway?; (3) The Shape of Economic Recovery: Demand Side Problems?: Consumption Spending; Investment Spending; Net Exports; Supply Side Problems?; Policy Responses to Increase the Pace of Economic Recovery: The Case for More Fiscal Stimulus; The Case Against More Fiscal Stimulus; The Case Against More Monetary Stimulus; Economic Projections. This is a print on demand edition of an important, hard-to-find publication.