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.
General
| Imprint: |
Bibliogov
|
| Country of origin: |
United States |
| Release date: |
February 2013 |
| First published: |
February 2013 |
| Authors: |
Dario Caldara
|
| Dimensions: |
246 x 189 x 4mm (L x W x T) |
| Format: |
Paperback - Trade
|
| Pages: |
72 |
| ISBN-13: |
978-1-288-69802-8 |
| Categories: |
Books >
Social sciences >
Politics & government >
General
Promotions
|
| LSN: |
1-288-69802-X |
| Barcode: |
9781288698028 |
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