Ojeda Joya, Jair Neftali
The size of fiscal multipliers and the stance of monetary policy in developing economies / Jair N. Ojeda - Joya and Óscar E. Guzmán .-- , 2019
Resumen.
Bibliografía.
Implementing fiscal programs during monetary policy expansions seems to improve significantly their economic stimulus. We find this result by estimating the effect of government consumption shocks on gross domestic product (GDP) using a panel of 23 developing economies. Our goal is to better understand the reasons for the low fiscal multipliers found in the literature by performing estimations for alternative exchange rate regimes, business‐cycle phases, and monetary policy stances. In addition, we perform counterfactual simulations to analyze the possible gains from fiscal‐monetary policy coordination. Our results also show lower multipliers in developing economies with flexible regimes, especially during economic slowdowns
POLITICA FISCAL
IMPUESTOS
EFECTO MULTIPLICADOR
POLITICA MONETARIA
PAISES EN DESARROLLO
Guzmán, Óscar E.
Contemporary Economic Policy 1074-3529 [papel] v. 37, n. 4, October 2019, p. 621-640
The size of fiscal multipliers and the stance of monetary policy in developing economies / Jair N. Ojeda - Joya and Óscar E. Guzmán .-- , 2019
Resumen.
Bibliografía.
Implementing fiscal programs during monetary policy expansions seems to improve significantly their economic stimulus. We find this result by estimating the effect of government consumption shocks on gross domestic product (GDP) using a panel of 23 developing economies. Our goal is to better understand the reasons for the low fiscal multipliers found in the literature by performing estimations for alternative exchange rate regimes, business‐cycle phases, and monetary policy stances. In addition, we perform counterfactual simulations to analyze the possible gains from fiscal‐monetary policy coordination. Our results also show lower multipliers in developing economies with flexible regimes, especially during economic slowdowns
POLITICA FISCAL
IMPUESTOS
EFECTO MULTIPLICADOR
POLITICA MONETARIA
PAISES EN DESARROLLO
Guzmán, Óscar E.
Contemporary Economic Policy 1074-3529 [papel] v. 37, n. 4, October 2019, p. 621-640