Measuring the Impact of Fiscal Policy in the Face of Anticipation
A Structural VAR Approach
Datos Bibliográficos
| ID | 9705136 |
|---|---|
| Autores | Karel Mertens (Cornell University), Morten O Ravn (0000-0003-2703-2558, University College London and CEPR) |
| Año | 2010 |
| Volumen | 120 |
| Número | 544 |
| Páginas | 393-413 |
| Fecha de publicación | 2010-05-01 |
| Peer Reviewed | Sí |
| Open Access | Sí |
| Tipo | ARTICLE |
| Revista | The Economic Journal (JOURNAL) |
| Identificadores de la revista | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Editorial | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2010.02361.x |
| OpenAlex | W2132739071 |
| Idioma | EN |
| Citas recibidas | 15 |
| Referencias citadas | 20 |
Empirical estimates of the impact of government spending shocks disagree on central issues such as the size of output multipliers and the responses of consumption and the real wage. One explanation for the disagreement is that fiscal shocks are often anticipated. Due to misspecification of the information set, anticipation effects may invalidate SVAR estimates of impulse responses. We use economic theory to derive a fiscal SVAR estimator that is applicable when fiscal shocks are anticipated. We study its properties and apply it to US data. We fail to find evidence that anticipation effects overturn the existing findings from the fiscal SVAR literature. Copyright © The Author(s). Journal compilation © Royal Economic Society 2010
Anticipation (artificial intelligence · Consumption (sociology · Econometrics · Economics · Estimator · Fiscal policy · Government spending · Impulse response · Keynesian economics · Labour economics · Macroeconomics · Private consumption · Wage · Fiscal Policies and Political Economy · Market Dynamics and Volatility · Monetary Policy and Economic Impact
The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States
Measuring the Output Responses to Fiscal Policy
Fiscal Policy Regimes in Resource‐Rich Economies
Simultaneous identification of fiscal and monetary policy shocks
The Nexus between Public Debt and the Government Spending Multiplier
News Driven Business Cycles
When is Nonfundamentalness in VARs a Real Problem? An Application to News Shocks
The Effects of Government Purchases Shocks
Instrumental Variable Identification of Dynamic Variance Decompositions
Fiscal Policy, the Real Exchange Rate and Traded Goods
Noise Bubbles
Local Government Spending Multipliers and Financial Distress
The Costs of Economic Nationalism
Chronicle of A War Foretold
Estimating Fiscal Multipliers
| Obras citantes distintas | 15 |
|---|---|
| Citas por año | 0,94 |
| Intervalo de citas | 2010 - 2026 (17) |
| Velocidad de citación | current |
| Altamente citado | No |
| Tipos de cita | Neutras: 15 |