THE EFFECTS OF DISCRETIONARY FISCAL POLICY ON MACROECONOMIC AGGREGATES: A REAPPRAISAL

Shafik Hebous

150 citations0/0 files storedJournal of Economic Surveys

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Fiscal Policies and Political Economy Monetary Policy and Economic Impact Fiscal Policy and Economic Growth

Abstract

Abstract Fiscal stimuli to recover? A cascade of academic and layman articles debate the effectiveness of fiscal policy in stimulating the economy backed up by different economic models and empirical support. This paper surveys the theoretical predictions and recent empirical vector autoregression evidence on the short-run effects of discretionary fiscal policy on macroeconomic aggregates.

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References

1980Macroeconomics and Reality 2005Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy 1988The Dynamic Effects of Aggregate Demand and Supply Disturbances 2003An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area 2002An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output 2005What are the effects of monetary policy on output? Results from an agnostic identification procedure 1995Exchange Rate Dynamics Redux 2010The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks

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