Arbeitspapier
Expansionary and contractionary fiscal multipliers in the U.S.
We estimate the fiscal (spending) multiplier using quarterly U.S. data, 1986-2017. We define government spending shocks as actual minus expected expenditure growth, the latter obtained from the Survey of Professional Forecasters. We employ the ST-VAR model with the local projections method. A key testable conjecture is that the effects of positive and negative spending shocks have numerically different effects (the latter being stronger). Although we cannot formally reject the null of equality, the conjecture does hold in general. We also find evidence of state-dependence of multipliers as previously pointed out.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 939
- Klassifikation
-
Wirtschaft
Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
Fiscal Policy
Fiscal Policies and Behavior of Economic Agents: General
- Thema
-
Fiscal multiplier
government spending
stabilisation policy
local projections
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kapetanios, George
Koutroumpis, Panagiotis
Tsoukis, Christopher
- Ereignis
-
Veröffentlichung
- (wer)
-
Queen Mary University of London, School of Economics and Finance
- (wo)
-
London
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kapetanios, George
- Koutroumpis, Panagiotis
- Tsoukis, Christopher
- Queen Mary University of London, School of Economics and Finance
Entstanden
- 2022
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