| Description |
1 online resource (121 pages) |
| Series |
IMF Working Papers, 2227-8885 ; Working Paper No. 10/73 |
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IMF Working Papers ; Working Paper no. 10/73
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| Contents |
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Fiscal Multipliers: Empirical and Model-Based Evidence; III. Multipliers, Instruments, and Models; A. Definition of Fiscal Multipliers; B. The Seven Fiscal Instruments; C. The Seven Structural Models; 1. Key Model Features; IV. Fiscal Multipliers for Temporary Stimulus; A. Introduction to Simulation Results; 1. United States: Effect of 1 Year of Fiscal Stimulus on Real GDP (Instrument: Government Investment) |
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2. United States: Effect of 1 Year of Fiscal Stimulus on Inflation and the Real Interest Rate (Instrument: Government Investment)3. United States: Effect of 1 Year of Fiscal Stimulus on Consumption and Investment (Instrument: Government Investment); 4. United States: Effect of 1 Year of Fiscal Stimulus on Real GDP (Instrument: Government Consumption); 5. United States: Effect of 1 Year of Fiscal Stimulus on Inflation and the Real Interest Rate (Instrument: Government Consumption) |
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6. United States: Effect of 1 Year of Fiscal Stimulus on Consumption and Investment (Instrument: Government Consumption)7. United States: Effect of 1 Year of Fiscal Stimulus on Real GDP (Instrument: General Transfers); 8. United States: Effect of 1 Year of Fiscal Stimulus on Inflation and the Real Interest Rate (Instrument: General Transfers); 9. United States: Effect of 1 Year of Fiscal Stimulus on Consumption and Investment (Instrument: General Transfers); 10. United States: Effect of 1 Year of Fiscal Stimulus on Real GDP (Instrument: Targeted Transfers) |
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11. United States: Effect of 1 Year of Fiscal Stimulus on Inflation and the Real Interest Rate (Instrument: Targeted Transfers)12. United States: Effect of 1 Year of Fiscal Stimulus on Consumption and Investment (Instrument: Targeted Transfers); 13. United States: Effect of 1 Year of Fiscal Stimulus on Real GDP (Instrument: Labor Income Tax); 14. United States: Effect of 1 Year of Fiscal Stimulus on Inflation and the Real Interest Rate (Instrument: Labor Income Tax); 15. United States: Effect of 1 Year of Fiscal Stimulus on Consumption and Investment (Instrument: Labor Income Tax) |
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16. United States: Effect of 1 Year of Fiscal Stimulus on Real GDP (Instrument: Consumption Tax)17. United States: Effect of 1 Year of Fiscal Stimulus on Inflation and the Real Interest Rate (Instrument: Consumption Tax); 18. United States: Effect of 1 Year of Fiscal Stimulus on Consumption and Investment (Instrument: Consumption Tax); 19. United States: Effect of 1 Year of Fiscal Stimulus on Real GDP (Instrument: Corporate Income Tax); 20. United States: Effect of 1 Year of Fiscal Stimulus on Inflation and the Real Interest Rate (Instrument: Corporate Income Tax) |
| Summary |
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 |
| Notes |
Available in PDF, ePUB, and Mobi formats on the Internet |
| Bibliography |
Includes bibliographical references |
| SUBJECT |
Europe. http://id.loc.gov/authorities/subjects/sh85045631
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United States. http://id.loc.gov/authorities/names/n78095330
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Europe https://id.nlm.nih.gov/mesh/D005060 |
| Subject |
Europe
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United States
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| Form |
Electronic book
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| Author |
Laxton, Douglas
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Lindé, Jesper
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Mourougane, Annabelle
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Muir, Dirk
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Mursula, Susanna
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Coenen, Günter
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Erceg, Christopher J
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Freedman, Charles
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Resende, Carlos de
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Roberts, John
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Roeger, Werner
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Furceri, Davide
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Kumhof, Michael
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Lalonde, René
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Snudden, Stephen
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Trabandt, Mathias
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Veld, Jan in 't
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International Monetary Fund.
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| ISBN |
1451982003 |
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9781451982008 |
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9781452765181 |
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1452765189 |
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