| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26939 |
| 来源ID | Working Paper 26939 |
| Decomposing the Fiscal Multiplier | |
| James S. Cloyne; Òscar Jordà; Alan M. Taylor | |
| 发表日期 | 2020-04-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The fiscal “multiplier” seeks to measure how many additional dollars of output are gained or lost for each dollar of fiscal expansion 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 as small as 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 Kitagawa-Blinder-Oaxaca decomposition. This provides a convenient way to evaluate the effects of policy, state-dependence, time-variation, and the balance conditions for identification. |
| 主题 | Econometrics ; Estimation Methods ; Experimental Design ; Macroeconomics ; Business Cycles ; Fiscal Policy ; Public Economics ; Taxation ; National Fiscal Issues ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w26939 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584612 |
| 推荐引用方式 GB/T 7714 | James S. Cloyne,Òscar Jordà,Alan M. Taylor. Decomposing the Fiscal Multiplier. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26939.pdf（545KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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