The size of fiscal multipliers and the stance of monetary policy in developing economies Jair N. Ojeda - Joya and Óscar E. Guzmán
By: Ojeda Joya, Jair Neftali
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Contributor(s): Guzmán, Óscar E.
Material type: 
ArticlePublisher: 2019Subject(s): POLITICA FISCAL | IMPUESTOS | EFECTO MULTIPLICADOR | POLITICA MONETARIA | PAISES EN DESARROLLO
In:
Contemporary Economic Policy v. 37, n. 4, October 2019, p. 621-640Summary: 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
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| OP 1634/2019/3-1 Who pays no tax ? | OP 1634/2019/4 Contemporary Economic Policy | OP 1634/2019/4-1 Party cues, political trends and fiscal interactions in the United States | OP 1634/2019/4-2 The size of fiscal multipliers and the stance of monetary policy in developing economies | OP 1634/2019/4-3 Pension contributions, pension awareness and changing personal finances | OP 1634/2020/1 Contemporary Economic Policy | OP 1634/2020/1-1 Entrepreneurship and job lock |
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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
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