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

Abstract : 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.
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Journal of Money, Credit and Banking, Wiley, 2008, 40 (7), pp.1439-1470. 〈10.1111/j.1538-4616.2008.00166.x〉
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Contributeur : Florin Bilbiie <>
Soumis le : lundi 12 septembre 2011 - 22:01:33
Dernière modification le : mardi 30 janvier 2018 - 17:50:02

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Florin Bilbiie, Gernot Mueller, Andre Meier. What Accounts for the Change in U.S. Fiscal Policy Transmission?. Journal of Money, Credit and Banking, Wiley, 2008, 40 (7), pp.1439-1470. 〈10.1111/j.1538-4616.2008.00166.x〉. 〈hal-00622867〉

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