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Transmission of fiscal policy shocks into Romania's economy

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  • Serbanoiu, Georgian Valentin
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    Abstract

    In this paper I use a medium scale open economy DSGE model developed by Baksa, Benk and Jakab (2010) for the Hungarian economy. This model provides a notable degree of disaggregation both on the government revenue and expenditure side, being able to capture the shocks that come from fiscal policy decisions. My contributions can be summed up in the following three actions. First of all, I estimated the model for the Romanian economy, using Bayesian techniques. Secondly, I determined the parameters of fiscal feedback rules in order to establish if the automatic stabilizers work properly. And thirdly, I tried to analyze the impulse response functions in order to assess the effects of different fiscal policy measures on the most important macroeconomic variables.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40947.

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    Date of creation: 28 Jun 2012
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    Handle: RePEc:pra:mprapa:40947

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    Related research

    Keywords: DSGE model; Bayesian estimation; Fiscal policy; Procyclicality of fiscal policy; Impulse response functions; Fiscal feedback rules; Fiscal deficit; Government debt;

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    1. Zoltán M. Jakab & Balázs Világi, 2008. "An estimated DSGE model of the Hungarian economy," MNB Working Papers 2008/9, Magyar Nemzeti Bank (the central bank of Hungary).
    2. Giuliodori, Massimo & Beetsma, Roel, 2004. "What are the spill-overs from fiscal shocks in Europe? An empirical analysis," Working Paper Series 0325, European Central Bank.
    3. Frank Smets & Raf Wouters, 2002. "An estimated dynamic stochastic general equilibrium model of the euro area," Working Paper Research 35, National Bank of Belgium.
    4. Martin Kliem & Alexander Kriwoluzky, 2014. "Toward a Taylor Rule for Fiscal Policy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(2), pages 294-302, April.
    5. Rajmund MIRDALA, 2009. "Effects Of Fiscal Policy Shocks In The European Transition Economies," Journal of Applied Research in Finance Bi-Annually, ASERS Publishing, vol. 0(2), pages 141-157, December.
    6. Stephen Snudden & Vladimir Klyuev, 2011. "Effects of Fiscal Consolidation in the Czech Republic," IMF Working Papers 11/65, International Monetary Fund.
    7. Massimiliano Pisani & Andrea Gerali & Lorenzo Forni, 2008. "The macroeconomics of fiscal consolidations in a Monetary Union: the case of Italy," 2008 Meeting Papers 863, Society for Economic Dynamics.
    8. Stähler, Nikolai & Thomas, Carlos, 2012. "FiMod — A DSGE model for fiscal policy simulations," Economic Modelling, Elsevier, vol. 29(2), pages 239-261.
    9. Adolfson, Malin & Laséen, Stefan & Lindé, Jesper & Villani, Mattias, 2005. "Bayesian Estimation of an Open Economy DSGE Model with Incomplete Pass-Through," Working Paper Series 179, Sveriges Riksbank (Central Bank of Sweden).
    10. Christina D. Romer & David H. Romer, 2007. "Do Tax Cuts Starve the Beast: The Effect of Tax Changes on Government Spending," NBER Working Papers 13548, National Bureau of Economic Research, Inc.
    11. Olivier Blanchard & Roberto Perotti, 1999. "An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output," NBER Working Papers 7269, National Bureau of Economic Research, Inc.
    12. Caldara, Dario & Kamps, Christophe, 2008. "What are the effects of fiscal policy shocks? A VAR-based comparative analysis," Working Paper Series 0877, European Central Bank.
    13. Sarah Zubairy, 2010. "On Fiscal Multipliers: Estimates from a Medium Scale DSGE Model," Working Papers 10-30, Bank of Canada.
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