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Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy / Carlo Favero, Francesco Giavazzi, Jacopo Perego.
- Format:
- Book
- Author/Creator:
- Favero, Carlo.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w17272.
- NBER working paper series no. w17272
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2011.
- Summary:
- This paper shows how the richer frequency and variety of fiscal policy shocks available in an international sample can be analyzed recognizing the heterogeneity that exists across different countries. The main conclusion of our empirical analysis is that the question "what is the fiscal policy multiplier" is an ill-posed one. There is no unconditional fiscal policy multiplier. The effect of fiscal policy on output is different depending on the different debt dynamics, the different degree of openness and the different fiscal reaction functions across different countries. There are many fiscal multipliers and an average fiscal multiplier is of very little use to describe the effect of exogenous shifts in fiscal policy on output.
- Notes:
- Print version record
- August 2011.
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