Arbeitspapier
Business cycle accounting for the German fiscal stimulus program during the Great Recession
We take the neoclassical perspective and apply the business cycle accounting method as proposed by Chari, Kehoe, and McGrattan (2007, Econometrica) for the Great Recession and the associated stimulus program in Germany 2008-2009. We include wedges to the variables government consumption, durables, investment, labor, net exports, and efficiency. The results suggest: The crisis was mainly driven by the efficiency wedge, followed by the net exports and the investment wedge. The government consumption wedge and in particular the durables wedge acted counter-cyclical. We attribute the latter to an internationally incomparably large cash for clunkers program and conclude that this subsidy on durable goods was more effective than pure government consumption. We introduce a strategy for likelihood maximization, which reliably and quickly locates the maximum; enables a detailed evaluation of the likelihood function and allows large robustness checks.
- Sprache
-
Englisch
- Erschienen in
-
Series: Volkswirtschaftliche Diskussionsreihe ; No. 339
- Klassifikation
-
Wirtschaft
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)
Business Fluctuations; Cycles
Crisis Management
Fiscal Policies and Behavior of Economic Agents: Household
- Thema
-
Fiscal stimulus
Great Recession
Business cycle accounting
Maximum-Likelihood
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Fehrle, Daniel
Huber, Johannes
- Ereignis
-
Veröffentlichung
- (wer)
-
Universität Augsburg, Institut für Volkswirtschaftslehre
- (wo)
-
Augsburg
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Fehrle, Daniel
- Huber, Johannes
- Universität Augsburg, Institut für Volkswirtschaftslehre
Entstanden
- 2020
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