Effects of Fiscal Stimulus in Structural Models-Reference-Cited by-同舟云学术

Effects of Fiscal Stimulus in Structural Models

Published:2012-01-01 Issue:1 Volume:4 Page:22-68
ISSN:1945-7707
Container-title:American Economic Journal: Macroeconomics
language:en
Short-container-title:American Economic Journal: Macroeconomics

Author:

Coenen Günter¹,Erceg Christopher J²,Freedman Charles³,Furceri Davide⁴,Kumhof Michael⁵,Lalonde René⁶,Laxton Douglas⁷,Lindé Jesper²,Mourougane Annabelle⁸,Muir Dirk⁵,Mursula Susanna⁹,de Resende Carlos⁶,Roberts John²,Roeger Werner¹⁰,Snudden Stephen¹¹,Trabandt Mathias¹,in't Veld Jan¹⁰

Affiliation:

1. Directorate General Research, ECB, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.

2. Federal Reserve Board, Washington, DC 20551.

3. Department of Economics, Carleton University, 1757 Dunkirk Cres., Ottawa, ON, Canada K1H 5T3.

4. University of Palermo, Viale delle Scienze, 90128, Palermo, Italy.

5. Modeling Unit, Research Department, IMF, Suite 9-548E, 700 19th Street NW, Washington, DC 20431.

6. International Economic Analysis Department, Bank of Canada, Ottawa, Ontario, Canada K1A 0G9.

7. Modeling Unit, Research Department, IMF, Suite 9-548D, 700 19th Street NW, Washington, DC 20431.

8. Economics Department, OECD, 2 rue André-Pascal, 75775 Paris cedex 16, France.

9. Modeling Unit, Research Department, IMF, Suite 9-548B, 700 19th Street NW, Washington, DC 20431.

10. DG ECFIN, European Commission, B-1049 Brussels, Belgium.

11. Modeling Unit, Research Department, IMF, Suite 9-603C, 700 19th Street NW, Washington, DC 20431.

Abstract

The paper subjects seven structural DSGE models, all used heavily by policymaking institutions, to discretionary fiscal stimulus shocks using seven different fiscal instruments, and compares the results to those of two prominent academic DSGE models. There is considerable agreement across models on both the absolute and relative sizes of different types of fiscal multipliers. The size of many multipliers is large, particularly for spending and targeted transfers. Fiscal policy is most effective if it has moderate persistence and if monetary policy is accommodative. Permanently higher spending or deficits imply significantly lower initial multipliers.(JEL E12, E13, E52, E62)

Publisher

American Economic Association

Subject

General Economics, Econometrics and Finance

Link

https://pubs.aeaweb.org/doi/pdf/10.1257/mac.4.1.22

Cited by 267 articles. 订阅此论文施引文献订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献

1. Public and Private Investment as Catalysts for Growth: An analysis of emerging markets and developing economies with a focus on Asia;Journal of International Money and Finance;2024-10

2. EU Sanctions on Russia and Implications for a Small Open Economy: The Case of Cyprus;Open Economies Review;2024-09-05

3. Downward Nominal Wage Rigidity and Fiscal Policy in a Monetary Union;IMF Economic Review;2024-07-16

4. The Role of Fiscal Policy — A Survey of Recent Empirical Findings;Open Economies Review;2024-04-19

5. Habit formation and the government spending multiplier;Economic Modelling;2024-03