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Fiscal stimulus in times of high debt: reconsidering multipliers and twin deficits

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Cited by:

  1. Michal Bencik, 2017. "Do Fiscal Multipliers Vary with Different Character of Monetary-Fiscal Interactions?," Working and Discussion Papers WP 11/2017, Research Department, National Bank of Slovakia.
  2. Thomas Warmedinger & Cristina Checherita-Westphal & Pablo Hernández de Cos, 2015. "Fiscal Multipliers and Beyond," Hacienda Pública Española / Review of Public Economics, IEF, vol. 215(4), pages 139-168, December.
  3. Berg, Tim Oliver, 2019. "Business Uncertainty And The Effectiveness Of Fiscal Policy In Germany," Macroeconomic Dynamics, Cambridge University Press, vol. 23(4), pages 1442-1470, June.
  4. Gilles Dufrénot & Carolina Ulloa Suarez, 2019. "Public finance sustainability in Europe: a behavioral model," AMSE Working Papers 1929, Aix-Marseille School of Economics, France.
  5. Konstantin Makrelov & Channing Arndt & Rob Davies & Laurence Harris, 2018. "Fiscal multipliers in South Africa: The importance of financial sector dynamics," WIDER Working Paper Series 006, World Institute for Development Economic Research (UNU-WIDER).
  6. Ouliaris, Sam & Rochon, Celine, 2021. "Pre- and Post-Global Financial Crisis Policy Multipliers#," Journal of Macroeconomics, Elsevier, vol. 70(C).
  7. Di Serio, Mario & Fragetta, Matteo & Melina, Giovanni, 2021. "The impact of r-g on Euro-Area government spending multipliers," Journal of International Money and Finance, Elsevier, vol. 119(C).
  8. Makrelov, Konstantin & Arndt, Channing & Davies, Rob & Harris, Laurence, 2020. "Balance sheet changes and the impact of financial sector risk-taking on fiscal multipliers," Economic Modelling, Elsevier, vol. 87(C), pages 322-343.
  9. Stanova, Nadja, 2015. "Effects of fiscal shocks in new EU members estimated from a SVARX model with debt feedback," MPRA Paper 63148, University Library of Munich, Germany.
  10. Maria Panova, 2018. "Global aspects of the twin deficit hypothesis," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 99-116.
  11. Yasuharu Iwata & Hirokuni IIboshi, 2023. "The Nexus between Public Debt and the Government Spending Multiplier: Fiscal Adjustments Matter," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 85(4), pages 830-858, August.
  12. Branimir Jovanovic, 2017. "Growth forecast errors and government investment and consumption multipliers," International Review of Applied Economics, Taylor & Francis Journals, vol. 31(1), pages 83-107, January.
  13. Iiboshi, Hirokuni & Iwata, Yasuharu & Kajita, Yuto & Soma, Naoto, 2019. "Time-varying Fiscal Multipliers Identified by Systematic Component: A Bayesian Approach to TVP-SVAR model," MPRA Paper 92631, University Library of Munich, Germany.
  14. Mr. Tidiane Kinda & Andras Lengyel & Kaustubh Chahande, 2022. "Fiscal Multipliers During Pandemics," IMF Working Papers 2022/149, International Monetary Fund.
  15. William Scarth, 2014. "User Discretion Advised: Fiscal Consolidation and the Recovery," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 412, July.
  16. Huixin Bi & Ms. Wenyi Shen & Ms. Susan S. Yang, 2014. "Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries," IMF Working Papers 2014/049, International Monetary Fund.
  17. Borsi, Mihály Tamás, 2018. "Fiscal multipliers across the credit cycle," Journal of Macroeconomics, Elsevier, vol. 56(C), pages 135-151.
  18. Ohnsorge, Franziska & Kose, M. Ayhan & Sugawara, Naotaka, 2020. "Benefits and Costs of Debt: The Dose Makes the Poison," CEPR Discussion Papers 14439, C.E.P.R. Discussion Papers.
  19. Fotiou, Alexandra & Shen, Wenyi & Yang, Shu-Chun S., 2020. "The fiscal state-dependent effects of capital income tax cuts," Journal of Economic Dynamics and Control, Elsevier, vol. 117(C).
  20. Marie-Pierre HORY & Grégory LEVIEUGE & Daria ONORI, 2018. "The (low) fiscal multiplier when debt is denominated in foreign currency," LEO Working Papers / DR LEO 2583, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
  21. Serena Merrino, 2021. "Statedependent fiscal multipliers and financial dynamics An impulse response analysis by local projections for South Africa," Working Papers 11015, South African Reserve Bank.
  22. Ms. Pritha Mitra & Mr. Tigran Poghosyan, 2015. "Fiscal Multipliers in Ukraine," IMF Working Papers 2015/071, International Monetary Fund.
  23. Lucian Croitoru, 2018. "How Countries’ Different Attitudes towards Inflation can thwart the European Dream," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 21(70), pages 2-41, December.
  24. Afonso, António & Huart, Florence & Tovar Jalles, João & Stanek, Piotr, 2022. "Twin deficits revisited: A role for fiscal institutions?," Journal of International Money and Finance, Elsevier, vol. 121(C).
  25. repec:ecb:ecbops:2011162 is not listed on IDEAS
  26. Silvia Delrio, 2016. "Estimating the effects of global uncertainty in open economies," Working Papers 2016:19, Department of Economics, University of Venice "Ca' Foscari".
  27. Köppl-Turyna, Monika & Lorenz, Hanno, 2016. "Demand-side economics in times of high debt: The case of the European Union," Working Papers 02, Agenda Austria.
  28. Rajakaruna, Iwanthika & Suardi, Sandy, 2021. "The dynamic linkages between current account deficit and budget balance deficit in the South Asian region," Journal of Asian Economics, Elsevier, vol. 77(C).
  29. Amendola, Adalgiso & Di Serio, Mario & Fragetta, Matteo & Melina, Giovanni, 2020. "The euro-area government spending multiplier at the effective lower bound," European Economic Review, Elsevier, vol. 127(C).
  30. Michael B. Devereux, 2018. "International Fiscal Spillovers: A Review Essay," Korean Economic Review, Korean Economic Association, vol. 34, pages 29-50.
  31. Donato Masciandaro & Davide Romelli, 2019. "Behavioral Monetary Policymaking: Economics, Political Economy and Psychology," World Scientific Book Chapters, in: Behavioral Finance The Coming of Age, chapter 9, pages 285-329, World Scientific Publishing Co. Pte. Ltd..
  32. Andrea Boitani & Salvatore Perdichizzi & Chiara Punzo, 2022. "Nonlinearities and expenditure multipliers in the Eurozone [Tales of fiscal adjustment]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 31(2), pages 552-575.
  33. Hory, Marie-Pierre & Levieuge, Grégory & Onori, Daria, 2021. "Public spending, currency mismatch and financial frictions," Journal of International Money and Finance, Elsevier, vol. 116(C).
  34. Nicolae-Bogdan IANC & Thierry BAUDASSE, 2021. "How can culture affect taxation? A postmaterialism value approach," LEO Working Papers / DR LEO 2848, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
  35. Mindaugas Butkus & Diana Cibulskiene & Lina Garsviene & Janina Seputiene, 2021. "The Heterogeneous Public Debt–Growth Relationship: The Role of the Expenditure Multiplier," Sustainability, MDPI, vol. 13(9), pages 1-22, April.
  36. Raju Huidrom & M. Ayhan Kose & Jamus J. Lim & Franziska L. Ohnsorge, 2016. "Do fiscal multipliers depend on fiscal positions?," CAMA Working Papers 2016-35, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  37. IIBOSHI, Hirokuni & IWATA, Yasuharu, 2023. "The Nexus between Public Debt and the Government Spending Multiplier: Fiscal Adjustments Matter," MPRA Paper 116347, University Library of Munich, Germany.
  38. Alberto Locarno & Alessandro Notarpietro & Massimiliano Pisani, 2013. "Sovereign risk, monetary policy and fiscal multipliers: a structural model-based assessment," Temi di discussione (Economic working papers) 943, Bank of Italy, Economic Research and International Relations Area.
  39. Raut, Dirghau & Raju, Swati, 2019. "Size of Expenditure Multipliers for Indian States: Does the Level of Income and Public Debt Matter?," MPRA Paper 104947, University Library of Munich, Germany.
  40. Eduardo Garzón Espinosa & Bibiana Medialdea García & Esteban Cruz Hidalgo, 2021. "Fiscal Policy Approaches: An Inquiring Look From The Modern Monetary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 999-1022, October.
  41. Combes, Jean-Louis & Minea, Alexandru & Sow, Moussé, 2017. "Is fiscal policy always counter- (pro-) cyclical? The role of public debt and fiscal rules," Economic Modelling, Elsevier, vol. 65(C), pages 138-146.
  42. Lago Peñas, Santiago & Vaquero-Garcia, Alberto & Sanchez-Fernandez, Patricio & Lopez-Bermudez, Beatriz, 2019. "Does fiscal consolidation hurt economic growth? Empirical evidence from Spanish regions," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 13, pages 1-19.
  43. Bofinger, Peter & Buch, Claudia M. & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2013. "Gegen eine rückwärtsgewandte Wirtschaftspolitik. Jahresgutachten 2013/14 [Against a backward-looking economic policy. Annual Report 2013/14]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201314.
  44. Konstantin Makrelov & Channing Arndt & Rob Davies & Laurence Harris, 2018. "Fiscal multipliers in South Africa: The importance of financial sector dynamics," WIDER Working Paper Series wp-2018-6, World Institute for Development Economic Research (UNU-WIDER).
  45. Michal Bencik, 2014. "Dual regime fiscal multipliers in converging economies - a simplified STVAR approach," Working and Discussion Papers WP 2/2014, Research Department, National Bank of Slovakia.
  46. Heinz Handler, 2013. "Fiskalmultiplikatoren in der Krise," WIFO Monatsberichte (monthly reports), WIFO, vol. 86(12), pages 977-984, December.
  47. Sukanya Bose & N.R. Bhanumurthy, 2015. "Fiscal Multipliers for India," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 9(4), pages 379-401, November.
  48. Eichengreen, Barry & Park, Donghyun & Shin, Kwanho, 2021. "The shape of recovery: Implications of past experience for the duration of the COVID-19 recession," Journal of Macroeconomics, Elsevier, vol. 69(C).
  49. Huidrom, Raju & Kose, M. Ayhan & Lim, Jamus J. & Ohnsorge, Franziska L., 2020. "Why do fiscal multipliers depend on fiscal Positions?," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 109-125.
  50. Hürtgen, Patrick & Rühmkorf, Ronald, 2014. "Sovereign default risk and state-dependent twin deficits," Journal of International Money and Finance, Elsevier, vol. 48(PB), pages 357-382.
  51. Salvatore Perdichizzi, 2017. "Estimating Fiscal multipliers in the Eurozone. A Nonlinear Panel Data Approach," DISCE - Working Papers del Dipartimento di Economia e Finanza def058, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
  52. Ian Borg, "undated". "Fiscal Multipliers in Malta," CBM Working Papers WP/06/2014, Central Bank of Malta.
  53. Nektarios A. Michail & Christos S. Savva & Demetris Koursaros, 2017. "Size Effects of Fiscal Policy and Business Confidence in the Euro Area," IJFS, MDPI, vol. 5(4), pages 1-15, November.
  54. C. Glocker & G. Sestieri & P. Towbin, 2017. "Time-varying fiscal spending multipliers in the UK," Working papers 643, Banque de France.
  55. Pablo Hernández de Cos & Enrique Moral-Benito, 2016. "Fiscal multipliers in turbulent times: the case of Spain," Empirical Economics, Springer, vol. 50(4), pages 1589-1625, June.
  56. Falilou Fall & Debra Bloch & Jean-Marc Fournier & Peter Hoeller, 2015. "Prudent debt targets and fiscal frameworks," OECD Economic Policy Papers 15, OECD Publishing.
  57. Davide Furceri & Aleksandra Zdzienicka, 2020. "Twin Deficits in Developing Economies," Open Economies Review, Springer, vol. 31(1), pages 1-23, February.
  58. Dąbrowski, Marek A. & Papież, Monika & Rubaszek, Michał & Śmiech, Sławomir, 2022. "The role of economic development for the effect of oil market shocks on oil-exporting countries. Evidence from the interacted panel VAR model," Energy Economics, Elsevier, vol. 110(C).
  59. Vaishali Garga, 2020. "Fiscal Expansions in the Era of Low Real Interest Rates," Working Papers 20-11, Federal Reserve Bank of Boston.
  60. Veronika Šuliková & Anna Tykhonenko, 2017. "The Impact Of Public Debt On The Twin Imbalances In Europe: A Threshold Model," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 62(213), pages 27-44, April - J.
  61. Hideaki Matsuoka, 2022. "Debt Intolerance: Threshold Level and Composition," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 84(4), pages 894-932, August.
  62. Mencinger, Jernej & Aristovnik, Aleksander & Verbič, Miroslav, 2017. "Asymmetric effects of fiscal policy in EU and OECD countries," Economic Modelling, Elsevier, vol. 61(C), pages 448-461.
  63. Punam Chuhan-Pole & Cesar Calderon & Gerard Kambou & Sebastien Boreux & Mapi M. Buitano & Vijdan Korman & Megumi Kubota & Rafael M. Lopez-Monti, "undated". "Africa's Pulse, No.13, April 2016," World Bank Publications - Reports 24033, The World Bank Group.
  64. Andrea Boitani & Salvatore Perdichizzi, 2018. "Public Expenditure Multipliers in recessions. Evidence from the Eurozone," DISCE - Working Papers del Dipartimento di Economia e Finanza def068, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
  65. Niclas Berggren & Christian Bjørnskov, 2019. "Regulation and government debt," Public Choice, Springer, vol. 178(1), pages 153-178, January.
  66. Idrys Fransmel Okombi, 2020. "Twin Deficits in Sub-Saharan African Countries: Evidence through debt," Economics Bulletin, AccessEcon, vol. 40(3), pages 2550-2564.
  67. Creutzig, Felix & Goldschmidt, Jan Christoph & Lehmann, Paul & Schmid, Eva & von Blücher, Felix & Breyer, Christian & Fernandez, Blanca & Jakob, Michael & Knopf, Brigitte & Lohrey, Steffen & Susca, Ti, 2014. "Catching two European birds with one renewable stone: Mitigating climate change and Eurozone crisis by an energy transition," Renewable and Sustainable Energy Reviews, Elsevier, vol. 38(C), pages 1015-1028.
  68. Glocker, Christian & Sestieri, Giulia & Towbin, Pascal, 2019. "Time-varying government spending multipliers in the UK," Journal of Macroeconomics, Elsevier, vol. 60(C), pages 180-197.
  69. Iwata, Yasuharu & Iiboshi, Hirokuni, 2020. "Fiscal Adjustments and Debt-Dependent Multipliers: Evidence from the U.S. Time Series," Discussion paper series HIAS-E-103, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.
  70. Sonya Georgieva, 2021. "Fiscal Multipliers in Bulgaria and Central and Eastern Europe Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 131-167.
  71. International Monetary Fund, 2015. "Former Yugoslav Republic of Macedonia: Selected Issues," IMF Staff Country Reports 2015/243, International Monetary Fund.
  72. Kim, Wongi, 2023. "Private sector debt overhang and government spending multipliers: Not all debts are alike," European Economic Review, Elsevier, vol. 154(C).
  73. Fotiou, Alexandra, 2022. "Non-linearities in fiscal policy: The role of debt," European Economic Review, Elsevier, vol. 150(C).
  74. Miroslav Klucik, 2015. "Fiscal Adjustment in Slovakia: Findings from a Medium-Scale Econometric Model," Working Papers Working Paper No. 1/2015, Council for Budget Responsibility.
  75. AMENDOLA, Adalgiso & DI SERIO, Mario & FRAGETTA, Matteo, 2018. "The Government Spending Multiplier at the Zero Lower Bound: Evidence from the Euro Area," CELPE Discussion Papers 153, CELPE - CEnter for Labor and Political Economics, University of Salerno, Italy.
  76. De Luigi, Clara & Huber, Florian, 2018. "Debt regimes and the effectiveness of monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 93(C), pages 218-238.
  77. Baumann, Ursel & Lodge, David & Miescu, Mirela S., 2019. "Global growth on life support? The contributions of fiscal and monetary policy since the global financial crisis," Working Paper Series 2248, European Central Bank.
  78. Zoran Grubišiæ & Sandra Kamenkoviæ & Aleksandar Zdravkoviæ, 2018. "Impact of government balance and exchange rate regime on current account during the economic cycle: evidence from CEE countries," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 36(1), pages 309-336.
  79. Yumin Shu & Zhongying Qi, 2020. "The Effect of Market-Oriented Government Fiscal Expenditure on the Evolution of Industrial Structure: Evidence from Shenzhen, China," Sustainability, MDPI, vol. 12(9), pages 1-17, May.
  80. Shen, Wenyi & Yang, Shu-Chun S., 2018. "Downward nominal wage rigidity and state-dependent government spending multipliers," Journal of Monetary Economics, Elsevier, vol. 98(C), pages 11-26.
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