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Characterization of the dynamic effects of fiscal shocks in a small open economy

Nooman Rebei

Characterization of the dynamic effects of fiscal shocks in a small open economy

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  • 34 Currently reading

Published by Bank of Canada in Ottawa .
Written in English

    Subjects:
  • Fiscal policy -- Canada -- Econometric models.,
  • Canada -- Appropriations and expenditures -- Econometric models.

  • Edition Notes

    Statementby Nooman Regei.
    SeriesBank of Canada working paper -- 2004-41, Working paper (Bank of Canada) -- 2004-41.
    ContributionsBank of Canada.
    The Physical Object
    Paginationv, 34 p. ;
    Number of Pages34
    ID Numbers
    Open LibraryOL20816600M

    Nominal Rigidities and the Dynamic Effects of A Shock to Monetary Policy Article (PDF Available) in Journal of Political Economy (1) February with Reads How we measure 'reads'   Using data from 16 OECD countries from to we study the effects on output of fiscal adjustments as a function of the composition of the adjustment—that is, whether the adjustment is mostly based on spending cuts or on tax hikes—and of the state of the business cycle when the adjustment is implemented. We find that both the “how” and the “when” matter, but the heterogeneity A robust prediction across a wide range of open-economy macroeconomic models is that an unanticipated increase in public spending in a given country appreciates it currency in real terms. This result, however, contradicts the findings of a number of recent empirical studies, which instead document a significant and persistent depreciation of ?abstract_id=   News Shocks in Open Economies: Evidence from Giant Oil Discoveries Rabah Arezki, Valerie A. Ramey, and Liugang Sheng two-sector small open economy model in order to predict the responses of macroeconomic aggregates identify news shocks and to provide evidence of “anticipation effects” following those ://


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Characterization of the dynamic effects of fiscal shocks in a small open economy by Nooman Rebei Download PDF EPUB FB2

Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy by Nooman Rebei Research Department Bank of Canada Ottawa, Ontario, Canada K1A 0G9 [email protected] The views expressed in this paper are those of the author.

No responsibility for them should be attributed to the Bank of :// CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): This paper studies the macroeconomic consequences of discretionary changes in the fiscal policy instruments for Canada.

A semi-structural vector autoregression framework is adopted. Restrictions are based on institutional interactions between some policy and non-policy instruments that mimic a government’s decision ?doi= Get this from a library.

Characterization of the dynamic effects of fiscal shocks in a small open economy. [Nooman Rebei; Bank of Canada.] Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy. Staff Working Paper (English) Nooman Rebei. November Available as: PDF. The author studies the macroeconomic consequences of discretionary changes in the fiscal policy instruments for Canada.

Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy. By Nooman Rebei. Get PDF ( KB) Abstract. The author studies the macroeconomic consequences of discretionary changes in the fiscal policy instruments for Canada.

He adopts a semi-structural vector autoregression framework. Restrictions are based on Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy. Document de travail du personnel (Anglais) Nooman Rebei. Novembre Disponible en format(s): PDF.

L'auteur se penche sur les conséquences macroéconomiques de modifications discrétionnaires apportées aux instruments de Characterization of the dynamic effects of fiscal shocks in a small open economy book politique budgétaire dans Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy ∗ By Nooman Rebei.

Abstract. This paper studies the macroeconomic consequences of discretionary changes in the fiscal policy instruments for Canada. A semi-structural vector autoregression framework is adopted.

Restrictions are based on institutional interactions Downloadable. This paper analyzes the dynamic effects of a fiscal policy shock and its transmission mechanism in a small open economy and compares the responses under different specifications of the utility function.

The traditional Mundell-Flemming model tells that fiscal policy is more effective under a peg than under a float. This result is not confirmed for a baseline small open economy Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy Staff Working Paper Nooman Rebei Characterization of the dynamic effects of fiscal shocks in a small open economy book author studies the macroeconomic consequences of discretionary changes in the fiscal policy instruments for :// Downloadable.

This paper characterizes the dynamic effects of shocks in government spending and taxes on economic activity in the United States in the post-war period. It does so by using a mixed structural VAR/event study approach.

Identification is achieved by using institutional information about the tax and transfer systems and the timing of tax collections to identify the automatic   We study the empirical effects of fiscal policy in Denmark since the adoption of a fixed exchange rate policy in Denmark’s fixed exchange rate implies that the nominal interest rate remains fixed after a fiscal expansion, facilitating a substantial impact of the fiscal stimulus on the real economy.

On the other hand, the large degree of openness of the Danish economy means that a Note: The table presents for each series the mean and the standard deviation (in parenthesis). π t is built as the annual rate of inflation based on the CPI. u t is the unemployment rate. g t y t is the ratio of government spending Characterization of the dynamic effects of fiscal shocks in a small open economy book GDP.

g t is constructed as the sum of government consumption and government investment; spread t is constructed as the differential between the yield on 10 Downloadable (with restrictions).

This paper characterizes the dynamic effects of shocks in government spending and taxes on U. activity in the postwar period. It does so by using a mixed structural VAR/event study approach. Identification is achieved by using institutional information about the tax and transfer systems to identify the automatic response of taxes and spending to activity Blanchard, O.

and Perotti, R. () An Empirical Characterization of the dynamic effects of fiscal shocks in a small open economy book Of The Dynamic Effects Of Changes In Government Spending And Taxes On Output, The Quarterly Journal of Economics, MIT Press, vol(4), pagesNovember Caldara D.

() What are the effects of Fiscal Policy Shocks. Introduction. Recent empirical work provides evidence that there is a systematic contemporaneous response of fiscal policy to the state of the economy (e.g.

Taylor,Auerbach, ).DSGE modelers seek to capture this fact by specifying simple fiscal rules where tax rates respond to output (e.g. Leeper et al.,Forni et al.,Traum and Yang, ).

In A Political Economy of American Hegemony, Thomas Oatley explores how America's military buildups have produced postwar economic booms that have culminated in monetary and financial crises.

An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output.

Expansionary Fiscal Shocks and the US Downloadable. In view of the large scale of the nonmarket home sector in both developed and developing economies, in this paper we construct an open economy model with home production. We discuss both long-run and short-run impacts of fiscal policies such as income tax, consumption tax and government spending on factor allocation, capital formation and the current ://   Clancy D, Jacquinot P, Lozej M () Government expenditure composition and fiscal policy spillovers in a small open economy within a monetary union.

ESM working paper series no. 4 Google Scholar Cogan JF, Cwik T, Taylor JB, Wieland V () New Keynesians versus old Keynesians government spending :// The macroeconomic effects of tax changes: estimates based on a new measure of fiscal shocks.

American Economic Review, (3), – Schmitt-Grohe, S. and Uribe, M. Downloadable. The empirical literature studying the effects of fiscal policy shocks using VAR models differs among two important dimensions: the identification scheme and the VAR specification.

Not surprisingly the results obtained are often diverse. The aim of this paper is to test whether differences in the results can be explained by different VAR specifications and/or alternative The Effects of the Fiscal Policy on Economic Activity in Saudi Arabia: An Empirical Analysis @inproceedings{AlkahtaniTheEO, title={The Effects of the Fiscal Policy on Economic Activity in Saudi Arabia: An Empirical Analysis}, author={Kablan Jadia Alkahtani}, year={} } Downloadable.

In this paper we use structural VAR model to analyze dynamic effects of fiscal shocks on economic activity in Croatia from QQ2.

Due to the fact that Croatia is a small open economy we assume that shocks of foreign origination can have notable effects on its performance. Therefore, original Blanchard-Perotti () model is extended by introducing variables that A characterization of the monetary policy stance that does not draw on the entire instrument set of the PBoC remains incomplete.

is generally suitable to analyze the dynamic effects of China's monetary policy transmission. to the sectors the PBoC considers important for the long-term growth of the economy such as small and medium   Citing “political economy considerations,” they declare, “We are keenly aware that it is much easier to start new government programs than to end them.” 20 For this reason, they note, “It remains very much an open question” whether an increase in government purchases is the best way to respond to a flagging economy, even when Its main results can be summarized as follows: 1) The effects of fiscal policy on GDP tend to be small: government spending multipliers larger than 1 can be estimated only in the US in the pre ://?abstract_id= This paper investigates the response of hours worked and real wages to fiscal policy shocks in the post-World-War II US.

We identify these shocks with exogenous changes in military purchases and argue that they lead to a persistent increase in government purchases and tax rates on capital and labor income, and a persistent rise in aggregate hours worked as well as declines in real :// The dynamic and the structure of the economy determine the effects of political economy shocks, fiscal and monetary policy.

Based on a DSGE model and stylized facts for small open economy, we evaluate the effects of fiscal consumption tax shocks on the presence of two fiscal rules in the periods of to and to The two rules are based on: first, taxes adjust according to the   The aim of this paper is to analyze empirically the interaction between monetary and fiscal policy in a small open transition economies: the case the Republic of Macedonia.

This paper employs SVAR methodology to examine jointly the impact monetary and fiscal policy on real GDP and prices. The result reveals that the monetary policy counteracts the effects of fiscal policy and persists until   That finding cannot be easily reconciled with existing optimizing business cycle models.

We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of government :// Abstract. This paper presents the results of empirical investigation into Slovak monetary policy shocks’ impacts on the economy.

For estimating purposes, structural VAR based impulse responses of output, prices, exchange rates and short-term interest rates on structural disturbances selected by sign restrictions are :// FISCAL SHOCKS IN A TWO-SECTOR OPEN ECONOMY WITH ENDOGENOUS MARKUPS.

Macroeconomic Dynamics, Vol. 19, Issue. 08, p. An empirical characterization of the dynamic effects of changes in government spending and taxes on output. Quarterly Journal of EconomicsTemporary and permanent government spending in a small open economy   Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy by Nooman Rebei; Has Exchange Rate Pass-Through Really Declined in Canada.

by Hafedh Bouakez & Nooman Rebei; A Two Sector Small Open Economy Model. Which Inflation to Target. by Nooman Rebei & Eva Ortega; The Welfare Implications of Inflation versus Price-Level The Effects of the Fiscal Policy on Economic Activity in Saudi Arabia: An Empirical Analysis Kablan Jadia Alkahtani The Allen Institute for AI Proudly built by AI2 with   Access Statistics for Nooman Rebei Author contact details at EconPapers.

Working Paper File Downloads Last month: 3 months: 12 months: Total: Last month: 3 months: 12 months: Total: A Two Sector Small Open Economy Model. Which Inflation to Target. 0: 0: 0: 2: 2: 7: Characterization of the Dynamic Effects of Fiscal Shocks in a Small Permanent vs.

Temporary Fiscal Expansion in a Two-Sector Small Open Economy Model. capital intensity matter in determining the dynamic and steady-state effects in an intertemporal-optimizing two-sector small open economy model. First, unlike a permanent shock, net foreign asset position always worsens in the long-run after a transitory ?abstract_id= Thus, the relationship between the structural shocks and the reduced form shocks is given by: u t = A −1 e t.

e t = A u t. Here u t is the observed (or reduced form) residuals and et is the unobserved structural innovations. To obtain the structural disturbances e t from estimation of the VAR’s innovations u t, elements of matrix A (containing the contemporaneous relationships among the ?id=   This paper examines the mechanisms through which government spending affects the dynamics of the real exchange rate.

Using a two-sector dependent open economy model with intersectoral mobility costs for private capital, we show that public investment generates (i) a nonmonotonic U-shaped adjustment path for the real exchange rate with sharp intertemporal trade   If the fiscal spillovers are small, then the existence of a central fiscal stabilisation function that can support national economic stabilisers in the presence of large economic shocks would make the Economic and Monetary Union (EMU) more resilient.

National fiscal policies spill over to other countries through different :// The effects of government spending on a small open economy (SOE) have attracted little attention in the New-Keynesian SOE literature. One exception is Monacelli and Perotti (). In this paper we extend their work in several dimensions.

First, we include both asset holder and non-asset holder households in How Effective is Government Spending in a Small Open Economy with Distortionary Taxes is more persistent with the rule that adjust spending to close the debt-financed deficit than with the other two economy, fiscal multiplier, rule of thumb consumers, government spending An empirical Characterization of the Dynamic Effects.

Does the pdf multiplier depend on the exchange pdf regime and, if so, how strongly? To address this question, we first estimate a panel vector autoregression (VAR) model on time-series data for OECD countries. We identify the effects of unanticipated government spending shocks in countries with fixed and floating exchange rates, while controlling for anticipated changes in government ://The global financial crisis and its ramification into the fiscal area have demonstrated the importance of regular download pdf and monitoring of fiscal vulnerabilities, including the sustainability of sovereign debt.

This paper extends the analytical framework of Favero and Giavazzi () to facilitate the analysis of the effects of macroeconomic shocks on public debt dynamics in an open ://A 'read' is counted each time someone views a publication ebook (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the ://