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The Role of Budget Policy under the Financial and Economic Crisis

Author

Listed:
  • Vlasov, S.

    (Bank of Russia, Moscow, Russia)

  • Ponomarenko, A.

    (Bank of Russia, Moscow, Russia)

Abstract

This study examines the growing role of fiscal policy at the time of financial crisis. It presents the analysis of fiscal stimulus measures of the Russian Government during the period of 2008-2010 and the comparison with similar measures implemented in other countries. Risks and restrictions arising during the development and implementation of measures are analyzed. Quantitative estimation of macroeconomic effect using SVAR-model is presented. Fiscal multipliers are evaluated and factors influencing the value of multipliers are examined.

Suggested Citation

  • Vlasov, S. & Ponomarenko, A., 2010. "The Role of Budget Policy under the Financial and Economic Crisis," Journal of the New Economic Association, New Economic Association, issue 7, pages 111-133.
    • Handle: RePEc:nea:journl:y:2010:i:7:p:111-133
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    References listed on IDEAS

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    7. Olivier Blanchard & Roberto Perotti, 2002. "An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(4), pages 1329-1368.
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    Cited by:

    1. Vlasov, S. & Deryugina, E., 2018. "Fiscal Multipliers in Russia," Journal of the New Economic Association, New Economic Association, vol. 38(2), pages 104-119.

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    Keywords

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    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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