| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7383 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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