Fiscal Policy and Stabilization of Exchange Rates under Alternative Criteria
In: The Canadian Journal of Economics, Band 21, Heft 1, S. 97
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In: The Canadian Journal of Economics, Band 21, Heft 1, S. 97
In: The Canadian Journal of Economics, Band 27, Heft 1, S. 129
In: Journal of economics and business, Band 42, Heft 4, S. 279-288
ISSN: 0148-6195
In: The Canadian Journal of Economics, Band 17, Heft 3, S. 508
© 2015 The Authors. This paper estimates the magnitudes of government spending and tax multipliers within a regime-switching framework for the U.S. economy during the period 1949:1-2006:4. Our results show that the magnitudes of spending multipliers are larger during periods of low economic activity, while the magnitudes of tax multipliers are larger during periods of high economic activity. We also show that the magnitudes of fiscal multipliers got smaller for episodes of low growth, while they got larger for episodes of high growth in the post 1980 period. Analyzing the effects of government spending and taxes on consumption and investment spending indicates that the magnitude of the effects of fiscal shocks on consumption and investment is very small.
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