Transmission of fiscal policy shocks into Romania's economy
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.
|Date of creation:||28 Jun 2012|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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,
MIT Press, vol. 117(4), pages 1329-1368, November.
- 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.
- Frank Smets & Raf Wouters, 2003.
"An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area,"
Journal of the European Economic Association,
MIT Press, vol. 1(5), pages 1123-1175, 09.
- Frank Smets & Raf Wouters, 2002. "An estimated dynamic stochastic general equilibrium model of the euro area," Working Paper Research 35, National Bank of Belgium.
- Kliem, Martin & Kriwoluzky, Alexander, 2010.
"Toward a Taylor rule for fiscal policy,"
Discussion Paper Series 1: Economic Studies
2010,26, Deutsche Bundesbank, Research Centre.
- Vladimir Klyuev & Stephen Snudden, 2011.
"Effects of Fiscal Consolidation in the Czech Republic,"
Czech Journal of Economics and Finance (Finance a uver),
Charles University Prague, Faculty of Social Sciences, vol. 61(4), pages 306-326, August.
- Stephen Snudden & Vladimir Klyuev, 2011. "Effects of Fiscal Consolidation in the Czech Republic," IMF Working Papers 11/65, International Monetary Fund.
- Nikolai Stähler & Carlos Thomas, 2011.
"FiMod - a DSGE model for fiscal policy simulations,"
Banco de Espa�a Working Papers
1110, Banco de Espa�a.
- Stähler, Nikolai & Thomas, Carlos, 2012. "FiMod — A DSGE model for fiscal policy simulations," Economic Modelling, Elsevier, vol. 29(2), pages 239-261.
- Stähler, Nikolai & Thomas, Carlos, 2011. "FiMod - a DSGE model for fiscal policy simulations," Discussion Paper Series 1: Economic Studies 2011,06, Deutsche Bundesbank, Research Centre.
- Zoltan JAKAB & Daniel BAKSA & Szilárd BENK, . "Does "The" Fiscal Multiplier Exist?," EcoMod2010 259600082, EcoMod.
- Sarah Zubairy, 2014.
"On Fiscal Multipliers: Estimates From A Medium Scale Dsge Model,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55, pages 169-195, 02.
- Sarah Zubairy, 2010. "On Fiscal Multipliers: Estimates from a Medium Scale DSGE Model," Working Papers 10-30, Bank of Canada.
- Adolfson, Malin & Laseen, Stefan & Linde, Jesper & Villani, Mattias, 2007.
"Bayesian estimation of an open economy DSGE model with incomplete pass-through,"
Journal of International Economics,
Elsevier, vol. 72(2), pages 481-511, July.
- 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).
- 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.
- Christina D. Romer & David H. Romer, 2009. "Do Tax Cuts Starve the Beast? The Effect of Tax Changes on Government Spending," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 40(1 (Spring), pages 139-214.
- IWATA Yasuharu, 2009. "Fiscal Policy in an Estimated DSGE Model of the Japanese Economy: Do Non-Ricardian Households Explain All?," ESRI Discussion paper series 216, Economic and Social Research Institute (ESRI).
- 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).
- Mirdala, Rajmund, 2009.
"Effects of Fiscal Policy Shocks in the European Transition Economies,"
19481, University Library of Munich, Germany.
- 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.
- 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.
- Lorenzo Forni & Andrea Gerali & Massimiliano Pisani, 2010. "The macroeconomics of fiscal consolidations in a monetary union: the case of Italy," Temi di discussione (Economic working papers) 747, Bank of Italy, Economic Research and International Relations Area.
- 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.
- Stork Zbynek, 2011. "A DSGE model of the Czech economy: a Ministry of Finance approach," EcoMod2011 3007, EcoMod.
- 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.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:40947. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.