The DOI matches its Crossref record; 64 of the 64 references it cites were found in a registry or an index.
Clearing Up the Fiscal Multiplier Morass
Open accessAbstract
We quantify government spending multipliers in US data using Bayesian prior and posterior analysis of a monetary model with fiscal details and two distinct monetary-fiscal policy regimes. The combination of model specification, observable data, and relatively diffuse priors for some parameters lands posterior estimates in regions of the parameter space that yield fresh perspectives on the transmission mechanisms that underlie government spending multipliers. Short-run output multipliers are comparable across regimes—posterior means around 1.3 on impact—but much larger after 10 years under passive money/active fiscal than under active money/passive fiscal—90 percent credible sets of [1.5, 1.9] versus [0.1, 0.4] in present value, when estimated from 1955 to 2016. (JEL E52, E62, E63, H50)
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Cites
Filders, R. (1992) · International Journal of Forecasting · doi:10.1016/0169-2070(92)90130-2 · Cited by 16,165
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Staggered prices in a utility-maximizing framework
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Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY
Woodford, M., & WALSH, C. E. (2005) · Macroeconomic Dynamics · doi:10.1017/s1365100505040253 · Cited by 5,508
Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
Smets, F., & Wouters, R. (2007) · American Economic Review · doi:10.1257/aer.97.3.586 · Cited by 4,611
Staggered Prices in a Utility-Maximizing Framework
(1996) · Money, Exchange Rates, and Output · doi:10.7551/mitpress/4758.003.0007 · Cited by 4,369
An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area
Smets, F. R., & Wouters, R. (2003) · Journal of the European Economic Association · doi:10.1162/154247603770383415 · Cited by 3,520
Equilibria under ‘active’ and ‘passive’ monetary and fiscal policies
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Self-citationUnderstanding the Effects of Government Spending on Consumption
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Cited by
Ten Years After the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research?
Ramey, V. A. (2019) · Journal of Economic Perspectives · doi:10.1257/jep.33.2.89 · Cited by 485
Reporting guidelines for meta-analysis in economics
Havránek, T., Stanley, T. D., Doucouliagos, H., Bom, P., Geyer‐Klingeberg, J., Iwasaki, I., Reed, W. R., Rost, K., & van Aert, R. C. M. (2020) · Journal of Economic Surveys · doi:10.1111/joes.12363 · Cited by 271
Havranek, T., & Sokolova, A. (2020) · Review of Economic Dynamics · doi:10.1016/j.red.2019.05.004 · Cited by 141
A Fiscal Theory of Persistent Inflation
Bianchi, F., Faccini, R., & Melosi, L. (2023) · The Quarterly Journal of Economics · doi:10.1093/qje/qjad027 · Cited by 116
Metadata
- Authors
- Leeper, E. M., Traum, N., & Walker, T. B.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2017-08-01
- Volume
- 107
- Issue
- 8
- Pages
- 2409-2454
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3122766572
- Cited by
- 308
- References
- 64
- FWCI
- 58.79
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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