Meklēšanas opcijas
Sākums Medijiem Noderīga informācija Pētījumi un publikācijas Statistika Monetārā politika Euro Maksājumi un tirgi Karjera
Ierosinājumi
Šķirošanas kritērijs
Latviešu valodas versija nav pieejama

Jaromír Baxa

7 April 2011
WORKING PAPER SERIES - No. 1319
Details
Abstract
We use a threshold VAR analysis to study whether the effects of fiscal policy on economic activity differ depending on financial market conditions. In particular, we investigate the possibility of a non-linear propagation of fiscal developments according to different financial market stress regimes. More specifically we employ a quarterly dataset, for the U.S., the U.K., Germany and Italy, for the period 1980:4-2009:4, encompassing macro, fiscal and financial variables. The results show that (i) the use of a nonlinear framework with regime switches is corroborated by nonlinearity tests; (ii) the responses of economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative effect on output growth and worsens the fiscal position; (iv) the nonlinearity in the response of output growth to a fiscal shock is mainly associated with different behaviour across regimes; (v) the size of the fiscal multipliers is higher than average in the last crisis.
JEL Code
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
G15 : Financial Economics→General Financial Markets→International Financial Markets
H60 : Public Economics→National Budget, Deficit, and Debt→General
Network
Macroprudential Research Network

Mūsu interneta vietnē izmantotas sīkdatnes

Mēs izmantojam funkcionālās sīkdatnes, lai saglabātu lietotāju izvēles, analītikas sīkdatnes, lai uzlabotu tīmekļa vietnes sniegumu, un trešo pušu sīkdatnes, ko nosaka trešo pušu pakalpojumi, kas integrēti interneta vietnē. Jūs varat tās pieņemt vai noraidīt. Lai iegūtu plašāku informāciju vai pārskatītu mūsu izmanto sīkdatņu un serveru žurnālu izvēli, aicinām jūs iepazīties ar tālāk sniegto informāciju.