Fiscal Shocks
The impact of fiscal shocks on the Irish economy
... These identification assumptions are in line with papers dealing with the effects of discretionary fiscal shocks in the sense that we order g before y. This ordering is motivated by the fact that government ...
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The international transmission of US fiscal shocks
... US fiscal policy. The main channel through which fiscal shocks propagate is international ...a fiscal expansion the United States increases its imports from the rest of the world, stimulating ...
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Signals from the Government: Policy Uncertainty and the Transmission of Fiscal Shocks
... reflect fiscal policy ...of fiscal shocks since they are extracted from the same dataset, thus referring to the same agents’ information ...our fiscal news shocks to the one over which ...
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The Effects of Fiscal Shocks on the Exchange Rate in Spain
... of fiscal shocks on external competitiveness, a crucial element especially for small open ...spending shocks on the real effective exchange rate, relative prices and the current account balance in ...
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The effects of fiscal shocks in SVAR models: a graphical modelling approach
... DAG a2- baseline. The two edges in CIG a1 cannot be moral, as moral edges link parents of a common child. The four possible DAGs implied by CIG a1 are reported in Figure 4. DAG (B) can be discarded because a moral edge ...
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Commodity markets and the international transmission of fiscal shocks
... With world commodity supplies fixed, an increase in government spending in country A raises aggregate demand for good 1, simultaneousZy driving up the real exchange rate and reducing com[r] ...
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Signals from the government : policy disagreement and the transmission of fiscal shocks
... Figure 3: Government Spending News – Fan Chart. The figure plots the mean implied SPF news on the current quarter and for future quarters, together with forecast disagreement up to one standard deviation. Grey shaded ...
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Fiscal Policy and Current Account Dynamics in Case of Pakistan
... exogenous fiscal shocks; one choice is to use changes in the log of real government consumption, because this measure is less affected by changes in GDP than is the case for alternatives such as the overall ...
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International spillovers from U S fiscal policy shocks
... Several recent papers have looked at the effect of U.S. fiscal shocks on the U.S. real exchange rate, terms of trade and the trade balance, though in each case they estimate the effect relative to an ...
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Impact of fiscal policy shocks on the Indian economy
... of shocks to government spending and tax revenues on ...of fiscal shocks on private consumption has been assessed using the recursive identification ...expansionary fiscal shocks follow ...
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Fiscal policy, monetary policy and the transmission mechanism of shocks
... 136 B.18 Impact of a 1 and 2 standard deviation increase in the federal funds rate in the high financial stress regime.. C.1 A 1 standard deviation shock in the WTI oil price..[r] ...
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Effects of Fiscal Policy Shocks in the European Transition Economies
... other fiscal contributions) as well as the expenditure side (an increase in social transfers related to a rise of an unemployment) of national fiscal ...permanent fiscal deficits) to break a limit ...
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Fiscal policy shocks and stock prices in the United States
... As described in detail in the technical appendix, we follow Del Negro and Schorfheide (2008) (among others) and use priors that are formed ‘endogenously’. In other words, the priors for the parameters (which are based on ...
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Optimal Fiscal Policy Instrument under Different Shocks
... After the financial crisis broke out in 2008, the world economy sank into reces- sion and many countries adopted proactive fiscal policies to stimulate the economy. Between increasing government spending and ...
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Effects of Fiscal Policy Shocks in the Euro Area (Lessons Learned from Fiscal Consolidation)
... Cyprus experienced five fiscal consolidations. First, one-year unsuccessful consolidation (2003Q3-2004Q2) seems to be revenue based, as it was associated with significant increase in budgetary revenues (especially ...
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External Shock And The Responsiveness Of Fiscal Measures In Nigerian Economy
... low fiscal buffers, expansionary fiscal policy, dwindling foreign exchange earnings, declining reserves, weak oil market, high volume of maturing instruments, impact of external shocks and high ...
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International spillovers from U S fiscal policy shocks
... A number of theoretical models have been developed to investigate the transmission of fiscal policy shocks. The predictions of the models vary, however, based on their particular structures and assumptions. In a ...
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EFFECTS OF FISCAL POLICY SHOCKS IN CE3 COUNTRIES (TVAR APPROACH)
... revenue shocks for the ...tax shocks depending on the identifi cation approach used, with the estimated effects of unanticipated tax increases ranging from non-distortionary to strongly ...
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BEHAVIOURAL RELATIONSHIP BETWEEN FISCAL POLICY ADJUSTMENT AND STOCK PRICES IN NIGERIA: A CO-INTEGRATION AND ERROR CORRECTION APPROACH
... government fiscal policy adjustments and stock prices in Nigeria during the period 1985 – ...government fiscal actions through the instrumentality of government expenditure; taxes and government borrowing ...
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Cost of borrowing shocks and fiscal adjustment
... The estimates presented till now all refer to the combined impact of the cost of borrowing shock on budgetary variables, comprising a direct e¤ect (as a rise in interest rates might induce governments to adjust their ...
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