Effects of Fiscal Stimulus in Structural Models /

The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of the e...

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Автор: Kumhof, Michael
Інші автори: Muir, Dirk, Resende, Carlos de, Veld, Jan in 't
Формат: Журнал
Мова:English
Опубліковано: Washington, D.C. : International Monetary Fund, 2010.
Серія:IMF Working Papers; Working Paper ; No. 2010/073
Онлайн доступ:Full text available on IMF
Опис
Резюме:The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of the economy, and for monetary-fiscal policy interactions. Findings are: (i) There is substantial agreement across models on the sizes of fiscal multipliers. (ii) The sizes of spending and targeted transfers multipliers are large. (iii) Fiscal policy is most effective if it has some persistence and if monetary policy accommodates it. (iv) The perception of permanent fiscal stimulus leads to significantly lower initial multipliers.
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Фізичний опис:1 online resource (121 pages)
Формат:Mode of access: Internet
ISSN:1018-5941
Доступ:Electronic access restricted to authorized BRAC University faculty, staff and students