| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17134 |
| DP17134 Local Projections in Unstable Environments: How Effective is Fiscal Policy? | |
| Atsushi Inoue; Barbara Rossi; Yiru Wang | |
| 发表日期 | 2022-03-24 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | The paper develops a local projection estimator for estimating impulse responses in the presence of time variation. Importantly, we allow local instabilities in both slope coefficients and variances. Monte Carlo simulations illustrate that the method performs well in practice. Using our proposed estimator, we shed new light on the effects of fiscal policy shocks and the size of government spending multipliers. Our analysis uncovers the existence of instabilities that were unaccounted for in previous studies, and links time variation in the multipliers to the size of government debt. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Time variation Local projections Instability Path estimator Weighted average risk Fiscal policy Fiscal multiplier monetary policy Government spending |
| URL | https://cepr.org/publications/dp17134 |
| 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/546118 |
| 推荐引用方式 GB/T 7714 | Atsushi Inoue,Barbara Rossi,Yiru Wang. DP17134 Local Projections in Unstable Environments: How Effective is Fiscal Policy?. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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