What Accounts for the Changes in U.S. Fiscal Policy Transmission?

Détails

ID Serval
serval:BIB_3C70E66B15B0
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Titre
What Accounts for the Changes in U.S. Fiscal Policy Transmission?
Périodique
Journal of Money, Credit and Banking
Auteur⸱e⸱s
BILBIIE F.O., MEIER A., MÜLLER G.J.
ISSN
0022-2879
1538-4616
Statut éditorial
Publié
Date de publication
10/2008
Peer-reviewed
Oui
Volume
40
Numéro
7
Pages
1439-1470
Langue
anglais
Résumé
Using vector autoregressions on U.S. time series for 1957–79 and 1983–2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier period. We try to account for this observation within a DSGE model featuring price rigidities and limited asset market participation. Specifically, we estimate the structural parameters of the model for both periods by matching impulse responses. Model‐based counterfactual experiments suggest that most of the changes in fiscal policy transmission are accounted for by increased asset market participation and the more active monetary policy of the Volcker–Greenspan period.
Mots-clé
Government Spending, Asset Market Participation, Fiscal Policy, Monetary Policy, DSGE, Vector Autoregression, Minimum Distance Estimation
Web of science
Création de la notice
01/11/2018 8:35
Dernière modification de la notice
20/08/2019 13:32
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