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How Delaying Fiscal Consolidation Affects the Present Value of GDP

How Delaying Fiscal Consolidation Affects the Present Value of GDP »

Source: How Delaying Fiscal Consolidation Affects the Present Value of GDP

Volume/Issue: 2015/52

Series: IMF Working Papers

Author(s): Kevin Fletcher , and Damiano Sandri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2015

ISBN: 9781498393577

Keywords: hysteresis, fiscal multipliers, gdp, multipliers, debt, interest, interest rate,

We develop a simple model to examine the conditions under which delaying fiscal consolidation can affect the present value of GDP via the fiscal stance's effects on the output gap and hysteresis. We find that the a...

The Challenge of Debt Reduction during Fiscal Consolidation

The Challenge of Debt Reduction during Fiscal Consolidation »

Source: The Challenge of Debt Reduction during Fiscal Consolidation

Volume/Issue: 2013/67

Series: IMF Working Papers

Author(s): Luc Eyraud , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

ISBN: 9781475553864

Keywords: fiscal multipliers, fiscal policy, fiscal tightening, Quantitative Policy Modeling, General,

Studies suggest that fiscal multipliers are currently high in many advanced economies. One important implication is that fiscal tightening could raise the debt ratio in the short term, as fiscal gains are partly wi...

Fiscal Policy for the Crisis

Fiscal Policy for the Crisis »

Source: Fiscal Policy for the Crisis

Volume/Issue: 2008/01

Series: IMF Staff Position Notes

Author(s): Antonio Spilimbergo , Steven Symansky , Carlo Cottarelli , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 January 2009

ISBN: 9781589067981

Keywords: Fiscal policy, fiscal stimulus, aggregate demand, interest rates, fiscal multipliers

The current crisis calls for two main sets of policy measures. First, measures to repair the financial system. Second, measures to increase demand and restore confidence. While some of these measures overlap, the f...

Fiscal Multipliers and the State of the Economy1

Fiscal Multipliers and the State of the Economy1 »

Source: Fiscal Multipliers and the State of the Economy

Volume/Issue: 2012/286

Series: IMF Working Papers

Author(s): Anja Baum , Marcos Poplawski-Ribeiro , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 December 2012

ISBN: 9781475565829

Keywords: business cycle, nonlinear analysis, fiscal multipliers, fiscal adjustment, government spending, fiscal consolidation, fiscal multipliers., Quantitative Policy Modeling,

Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (...

Public Investment as a Fiscal Stimulus

Public Investment as a Fiscal Stimulus »

Source: Public Investment as a Fiscal Stimulus : Evidence from Japan's Regional Spending During the 1990s

Volume/Issue: 2010/110

Series: IMF Working Papers

Author(s): Anita Tuladhar , and Markus Bruckner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2010

ISBN: 9781455200696

Keywords: fiscal multipliers, private investment, government expenditure, Fiscal Policies and Behavior of Economic Agents: General,

How effective was public investment in stimulating the Japanese economy during the economic stagnation of the 1990s? Using a dataset of regional public investment spending, we find that investment multipliers were...

Fading Ricardian Equivalence in Ageing Japan

Fading Ricardian Equivalence in Ageing Japan »

Source: Fading Ricardian Equivalence in Ageing Japan

Volume/Issue: 2016/194

Series: IMF Working Papers

Author(s): Ikuo Saito

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2016

ISBN: 9781475541649

Keywords: Japan, ageing, Ricardian equivalence, myopia, liquidity constraints, multipliers, fiscal policy, public debt.

Japan seems to be turning less Ricardian, a trend set to continue. First, the discount wedge seems to have risen, suggesting that consumers have become more myopic. Second, some evidence points to the possibility t...

Fiscal Consolidations and Growth: Does Speed Matter?

Fiscal Consolidations and Growth: Does Speed Matter? »

Source: Fiscal Consolidations and Growth : Does Speed Matter?

Volume/Issue: 2013/230

Series: IMF Working Papers

Author(s): Steven Pennings , and Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2013

ISBN: 9781475517866

Keywords: fiscal multipliers, government expenditure, anticipation effects, government spending, fiscal consolidations, General,

Should fiscal consolidations be front-loaded or proceed at a more steady pace, and how does this affect growth? We make an attempt to address this question using a three-step methodology. First, we modify a standar...

The Welfare Multiplier of Public Infrastructure Investment

The Welfare Multiplier of Public Infrastructure Investment »

Source: The Welfare Multiplier of Public Infrastructure Investment

Volume/Issue: 2016/40

Series: IMF Working Papers

Author(s): Giovanni Ganelli , and Juha Tervala

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

ISBN: 9781475516678

Keywords: Public Infrastructure, investment, consumption, multipliers, elasticity, Open Economy Macroeconomics, Publicly Provided Private Goods, Infrastructures, All Countries,

We analyze the welfare multipliers of public spending (the consumption equivalent change in welfare for one dollar change in public spending) in a DSGE model. The welfare multipliers of public infrastructure invest...

Medium-Term Fiscal Multipliers during Protracted Recessions*

Medium-Term Fiscal Multipliers during Protracted Recessions* »

Source: Medium-Term Fiscal Multipliers during Protracted Recessions

Volume/Issue: 2014/213

Series: IMF Working Papers

Author(s): Salvatore Dell'Erba , Marcos Poplawski-Ribeiro , and Ksenia Koloskova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 December 2014

ISBN: 9781498336192

Keywords: fiscal consolidations, cumulative multipliers, labour market, protracted recessions, consolidations, consolidation, recessions, economy, business cycle, General,

The paper examines the consequences of fiscal consolidation in times of persistently low growth and high unemployment by estimating medium-term fiscal multipliers during protracted recessions (PR) in a sample of 17...

The Effectiveness of Fiscal Policy in Stimulating Economic Activity

The Effectiveness of Fiscal Policy in Stimulating Economic Activity »

Source: The Effectiveness of Fiscal Policy in Stimulating Economic Activity : A Review of the Literature

Volume/Issue: 2002/208

Series: IMF Working Papers

Author(s): Selma Mahfouz , Richard Hemming , and Michael Kell

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2002

ISBN: 9781451874716

Keywords: economic activity, fiscal multipliers, government spending, expansionary fiscal contractions, expenditure, fiscal contraction, Fiscal Policies and Behavior of Economic Agents: General,

This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., th...