2 edition of Non-Keynesian effects of fiscal policy changes found in the catalog.
Non-Keynesian effects of fiscal policy changes
|Statement||Francesco Giavazzi, Marco Pagano.|
|Series||NBER working paper series -- working paper no. 5332, Working paper series (National Bureau of Economic Research) -- working paper no. 5332.|
|Contributions||Pagano, Marco., National Bureau of Economic Research.|
|The Physical Object|
|Pagination||39,  p. :|
|Number of Pages||39|
Keynesian economics is a theory of total spending in the economy (called aggregate demand) and its effects on output and inflation. Although the term has been used (and abused) to describe many things over the years, six principal tenets seem central to Keynesianism. The first three describe how the economy works. 1. A Keynesian believes [ ]. The World Economic Outlook, published twice a year in English, French, Spanish, and Arabic, presents IMF staff economists analyses of global economic developments during the near and medium term. Chapters give an overview of the world economy; consider issues affecting industrial countries, developing countries, and economies in transition to market; and address topics of pressing current.
As a result, in near future EU countries will have to adopt much stricter long term fiscal policy that will be necessary for deleveraging process. In this context the aim of the research is to check whether one can find non-Keynesian effects of fiscal consolidations in Eurozone countries in last hermes-security.com by: 4. The literature addressing the identification of fiscal episodes is vast and has, for a long time, relied on changes in the CAPB. Some caveats surrounding this approach have been highlighted recently. In particular, the CAPB approach could bias empirical estimates toward finding evidence of non-Keynesian effects (Afonso and Jalles ).
the quality of public finances. These effects are called “non-Keynesian fiscal policy effects”. Recently, there has been a renewed interest in fiscal policy issues. In the Eurozone Member States, fiscal policy has an important role to play for achieving economic stabilization and growth, given the loss of the monetary policy instruments. The Keynesian view of fiscal policy swept the economics profession and, by the s, it was also widely accepted by policy makers. During that era, most economists believed that fiscal policy exerted a powerful impact on the economy and that it could be instituted in a manner that would smooth the ups and downs of the business cycle.
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NBER Program(s):The Non-Keynesian effects of fiscal policy changes book Finance and Macroeconomics Program. In earlier work we documented two episodes in which a sharp fiscal consolidation was associated with a very large expansions in private domestic demand.
In this paper we draw on further evidence to investigate if and when fiscal policy changes can have such non-Keynesian effects. "Fiscal Policy in Good Times and Bad," The Quarterly Journal of Economics, Oxford University Press, vol. (4), pages Francesco Giavazzi & Marco Pagano, "Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience," NBER Working PapersNational Bureau of Economic Research, Inc.
Keynesian, non-Keynesian or no effects of fiscal policy changes. The EMU case It is more likely that non-Keynesian effects of fiscal consolidations occur during successful rather than during unsuccessful fiscal consolidations.
This is because only successful adjustments will produce a future debt stabilization and therefore only these Cited by: Feb 27, · This study seeks to analyze the effects of fiscal policy on private consumption by applying the smooth transition regression model. The advantage of this model is that it allows for fiscal policy shocks to vary with the changes in the fiscal policy and helps us capture the nonlinear nature of the fiscal multipliers of government consumption and tax revenues.
This paper evaluates the effect of Cited by: 1. Get this from a library. Non-Keynesian effects of fiscal policy changes: international evidence and the Swedish experience.
[Francesco Giavazzi; Marco Pagano; National Bureau of Economic Research.]. Downloadable (with restrictions). In earlier work we documented two episodes in which a sharp fiscal consolidation was associated with a surprisingly large expansion in private domestic demand.
In this paper we draw on further evidence to investigate if and when fiscal policy changes can have such non-Keynesian effects. In the first part of the paper, we analyse cross-country data for 19 OECD.
Abstract. Non-keynesian effects of fiscal contractions have attracted the attention of economists throughout the s. Most notably, cuts in government spending in Ireland, Denmark and Germany are known to have coincided with increases in private consumption hermes-security.com by: 2.
In this paper we draw on further evidence to investigate if and when fiscal policy changes can have such non-Keynesian effects. In the first part of the paper, we analyze cross-country data for 19 OECD countries.
In the second, we concentrate on the Swedish fiscal expansion of the early s. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): We search for the circumstances in which the response of national saving to fiscal policy contradicts conventional Keynesian predictions, using data from 18 OECD countries.
The data suggest that non-Keynesian effects are associated with large and persistent fiscal impulses.
Mar 31, · Imbalance of the public finance in the context of Keynesian and Non-Keynesian effects of fiscal policy limitation. International Journal of Management Science and Business Administration, 3(3), pp APA: Stawska, J.
Imbalance of the public finance in the context of Keynesian and Non-Keynesian effects of fiscal policy hermes-security.com: Joanna Stawska. The aim of the paper is to evaluate the robustness of the theory that claims for restrictive effects of expansionary fiscal policy.
It shows that such socalled “non-Keynesian effects” may. Keynesian, non-Keynesian or no effects of fiscal policy changes. The EMU case Article in Journal of Macroeconomics 25(2) · October with 59 Reads. Keynesian economics is an economic theory of total spending in the economy and its effects on output and hermes-security.comian economics was developed by the British economist John Maynard Keynes.
Joanna Stawska Imbalance of the public finance in the context of Keynesian and Non-Keynesian effects of fiscal policy limitation 28 influence of Keynesian demand of the public sector on economic growth is P. Samuelson hermes-security.com: Joanna Stawska. The effects of fiscal policy on the Spanish economy: Keynesian or non-Keynesian behavior.
the effects of fiscal policy changes on economic activity depend on fiscal factors regarding the choice of a shock to government spending or revenue and the size of automatic stabilizers, economic conditions with respect to the situation of the country Cited by: 3.
changes in government consumption and are stronger for fiscal contractions than expansions. During large contractions an increase in taxes has no effect on national saving.
High or rapidly growing public debt is not a good predictor of non-Keynesian effects. Finally, the composition of the fiscal impulse matters: the non-Keynesian effects of a.
CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): We search for the circumstances in which the response of national saving to fiscal policy contradicts conventional Keynesian predictions, using data from 18 OECD countries. The data suggest that non-Keynesian effects tend to be associated with large and persistent fiscal impulses.
Modelling changes in seasonality in Indian manufacturing production: Keynesian or Non-keynesian Effects of Fiscal Policy Changes: the Case of Tunisia. Journal of the Knowledge Economy, Email your librarian or administrator to recommend adding this book to your organisation's collection.
Applied Time Series hermes-security.com by: Two points are important to note at this point. First, deficits are not required for expansionary fiscal policy, and second, it is only change in net spending that can stimulate or depress the economy.
For example, if a government ran a deficit of 10% both last year and this year, this would represent neutral fiscal policy. In the discussion, which is conducted at a theoretical level because of data limitations, the focus will be “non-Keynesian” effects of fiscal policy, which depend crucially on expectations about future fiscal policy actions.
35 Three assumptions help highlight the potential differences between a rule-based and a discretionary fiscal regime. Oct 01, · The paper traces the treatment of fiscal policy in mainstream Keynesian models, from IS-LM over simple dynamic New Keynesian models to the most sophisticated New Keynesian dynamic stochastic general equilibrium (DSGE) models and compares it with stylized empirical facts on the impact of fiscal policy.
It is found that the traditional simple Keynesian models such as IS-LM and Cited by: Suggestions for enhancing fiscal sustainability and macroeconomic stability in an enlarged European Union” Economics of Transition,pp.
67– Bujak, Piotr and Joanna Siwinska (): “Short-run macroeconomic effects of discretionary fiscal policy changes” Center for Social and Economic Research, no.hermes-security.com by: 5.Blanchard, O., and R. Perotti. "An Empirical Characterization of the Dynamic Effects of Government Spending and Taxes on Output." Quarterly Journal of Economicsno.
4 (): Giavazzi, F., and M. Pagano. "Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience." National Bureau of.