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Fiscal Multipliers and the State of the Economy
Ms.Anja BaumMr.Marcos Poplawski-RibeiroAnke Weber
出版International Monetary Fund, 2012-12-05
主題Business & Economics / Production & Operations ManagementBusiness & Economics / Economics / MacroeconomicsBusiness & Economics / Public Finance
ISBN14755239209781475523928
URLhttp://books.google.com.hk/books?id=QKuPPwEkwy8C&hl=&source=gbs_api
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註釋Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (excluding Italy). Our results show that fiscal multipliers differ across countries, calling for a tailored use of fiscal policy. Moreover, the position in the business cycle affects the impact of fiscal policy on output: on average, government spending, and revenue multipliers tend to be larger in downturns than in expansions. This asymmetry has implications for the choice between an upfront fiscal adjustment versus a more gradual approach.