The DOI matches its Crossref record; 53 of the 53 references it cites were found in a registry or an index.
Ten Years After the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research?
Open accessAbstract
This paper takes stock of what we have learned from the “Renaissance” in fiscal research in the ten years since the financial crisis. I first discuss the new innovations in methodology and various strengths and weaknesses of the main approaches to estimating fiscal multipliers. Reviewing the estimates, I come to the surprising conclusion that the bulk of the estimates for average spending and tax change multipliers lie in a fairly narrow range, 0.6 to 1 for spending multipliers and -2 to -3 for tax change multipliers. However, I identify economic circumstances in which multipliers lie outside those ranges. Finally, I review the debate on whether multipliers were higher for the 2009 Obama stimulus spending in the United States or for fiscal consolidations in Europe.
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Cites
Filders, R. (1992) · International Journal of Forecasting · doi:10.1016/0169-2070(92)90130-2 · Cited by 16,165
Is public expenditure productive?
Aschauer, D. A. (1989) · Journal of Monetary Economics · doi:10.1016/0304-3932(89)90047-0 · Cited by 5,431
Bound, J., Jaeger, D. A., & Baker, R. M. (1995) · Journal of the American Statistical Association · doi:10.1080/01621459.1995.10476536 · Cited by 3,618
Blanchard, O., & Perotti, R. (2002) · The Quarterly Journal of Economics · doi:10.1162/003355302320935043 · Cited by 2,910
The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks
Romer, C. D., & Romer, D. H. (2010) · American Economic Review · doi:10.1257/aer.100.3.763 · Cited by 2,091
Understanding the Effects of Government Spending on Consumption
Galí, J., López-Salido, J. D., & Vallés, J. (2007) · Journal of the European Economic Association · doi:10.1162/jeea.2007.5.1.227 · Cited by 1,922
When Is the Government Spending Multiplier Large?
Christiano, L., Eichenbaum, M., & Rebelo, S. (2011) · Journal of Political Economy · doi:10.1086/659312 · Cited by 1,837
Measuring the Output Responses to Fiscal Policy
Auerbach, A. J., & Gorodnichenko, Y. (2012) · American Economic Journal: Economic Policy · doi:10.1257/pol.4.2.1 · Cited by 1,726
Identifying Government Spending Shocks: It's all in the Timing*
Ramey, V. A. (2011) · The Quarterly Journal of Economics · doi:10.1093/qje/qjq008 · Cited by 1,661
Self-citationGovernment Spending Multipliers in Good Times and in Bad: Evidence from US Historical Data
Ramey, V. A., & Zubairy, S. (2018) · Journal of Political Economy · doi:10.1086/696277 · Cited by 1,425
Self-citation
Cited by
Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?
Hepburn, C., O’Callaghan, B., Stern, N., Stiglitz, J., & Zenghelis, D. (2020) · Oxford Review of Economic Policy · doi:10.1093/oxrep/graa015 · Cited by 771
Asteriou, D., Spanos, K., & Trachanas, E. (2024) · International Journal of Finance & Economics · doi:10.1002/ijfe.2793 · Cited by 37
Metadata
- Authors
- Ramey, V. A.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2019-05-01
- Volume
- 33
- Issue
- 2
- Pages
- 89-114
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2912678358
- Cited by
- 485
- References
- 53
- FWCI
- 67.64
- Type
- journal article
- Language
- en
- Open access
- diamond
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