G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7383
DP7383 Can Parameter Instability Explain the Meese-Rogoff Puzzle?
Philippe Bacchetta; Eric van Wincoop; Toni Beutler
发表日期2009-07-26
出版年2009
语种英语
摘要This paper evaluates whether the cyclical pattern of fiscal policy can affect growth. We first build a simple endogenous growth model where entrepreneurs can invest either in short-run projects or in long-term growth enhancing projects. Long-term projects involve a liquidity risk which credit constrained firms try to overcome by borrowing on the basis of their short-run profits. By increasing firms' market size in recessions, a countercyclical fiscal policy will boost investment in productivity-enhancing long-term projects, and the more so in sectors that rely more on external financing or which display lower asset tangibility. Second, the paper tests this prediction using Rajan and Zingales (1998)'s diff-and-diff methodology on a panel data sample of manufacturing industries across 17 OECD countries over the period 1980-2005. The evidence confirms that the positive effects of a more countercyclical fiscal policy on value added growth, productivity growth, and R&D expenditure, are indeed larger in industries with heavier reliance on external finance or lower asset tangibility.
主题Development Economics
关键词Counter-cyclicality Financial dependence Fiscal policy Growth
URLhttps://cepr.org/publications/dp7383
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/536220
推荐引用方式
GB/T 7714
Philippe Bacchetta,Eric van Wincoop,Toni Beutler. DP7383 Can Parameter Instability Explain the Meese-Rogoff Puzzle?. 2009.
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