We just estimated twenty million fiscal multipliers

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ČAPEK Jan CRESPO CUARESMA Jesús

Druh Článek v odborném periodiku
Časopis / Zdroj Oxford Bulletin of Economics and Statistics
Fakulta / Pracoviště MU

Ekonomicko-správní fakulta

Citace
www https://onlinelibrary.wiley.com/doi/abs/10.1111/obes.12351
Doi http://dx.doi.org/10.1111/obes.12351
Klíčová slova Fiscal multiplier;structural VAR;meta-analysis
Přiložené soubory
Popis Abstract We analyse the role played by data and specification choices as determinants of the size of the fiscal multipliers obtained using structural vector autoregressive models. The results, based on over twenty million fiscal multipliers estimated for European countries, indicate that many seemingly harmless modelling choices have a significant effect on the size and precision of fiscal multiplier estimates. In addition to the structural shock identification strategy, these modelling choices include the definition of spending and taxes, the national accounts system employed, the use of particular interest rates or inflation measures, or whether data are smoothed prior to estimation. The cumulative effects of such arguably innocuous methodological choices can lead to a change in the spending multipliers of as much as 0.4 points.
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