| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14544 |
| DP14544 Decomposing the Fiscal Multiplier | |
| James Cloyne; Oscar Jorda; Alan M. Taylor | |
| 发表日期 | 2020-03-29 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The fiscal “multiplier” measures how many additional dollars of output are gained or lost for each dollar of fiscal stimulus or contraction. In practice, the multiplier at any point in time depends on the monetary policy response and existing conditions in the economy. Using the IMF fiscal consolidations dataset for identification and a new decomposition-based approach, we show how to quantify the importance of these monetary-fiscal interactions. In the data, the fiscal multiplier varies considerably with monetary policy: it can be zero, or as large as 2 depending on the monetary offset. More generally, we show how to decompose the typical macro impulse response function by extending local projections to carry out the well-known Blinder-Oaxaca decomposition. This provides a convenient way to evaluate the effects of policy, state-dependence, and balance conditions for identification. |
| 主题 | Economic History ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Fiscal multiplier Monetary offset Blinder-oaxaca decomposition Local projections Interest rates Fiscal policy State-dependence Balance Identification |
| URL | https://cepr.org/publications/dp14544-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543448 |
| 推荐引用方式 GB/T 7714 | James Cloyne,Oscar Jorda,Alan M. Taylor. DP14544 Decomposing the Fiscal Multiplier. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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