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Macroeconomic shocks and their propagation
This chapter reviews and synthesizes our current understanding of the shocks that drive
economic fluctuations. The chapter begins with an illustration of the problem of identifying …
economic fluctuations. The chapter begins with an illustration of the problem of identifying …
Monetary policy shocks: What have we learned and to what end?
This chapter reviews recent research that grapples with the question: What happens after an
exogenous shock to monetary policy? We argue that this question is interesting because it …
exogenous shock to monetary policy? We argue that this question is interesting because it …
Austerity: When it Works and when it Doesn't
A Alesina, F Giavazzi, C Favero - 2019 - torrossa.com
The term “austerity” indicates a policy of sizeable reduction of govern-ment deficits and
stabilization of government debt achieved by means of spending cuts or tax increases, or …
stabilization of government debt achieved by means of spending cuts or tax increases, or …
Wage-price spirals
We interpret recent inflation experience through the lens of a New Keynesian model with
price and wage rigidities and nonlabor inputs in inelastic supply. The model provides a …
price and wage rigidities and nonlabor inputs in inelastic supply. The model provides a …
Can government purchases stimulate the economy?
This essay briefly reviews the state of knowledge about the government spending multiplier.
Drawing on theoretical work, aggregate empirical estimates from the United States, as well …
Drawing on theoretical work, aggregate empirical estimates from the United States, as well …
An empirical characterization of the dynamic effects of changes in government spending and taxes on output
This paper characterizes the dynamic effects of shocks in government spending and taxes
on US activity in the postwar period. It does so by using a mixed structural VAR/event study …
on US activity in the postwar period. It does so by using a mixed structural VAR/event study …
Simple analytics of the government expenditure multiplier
This paper explains the key factors that determine the output multiplier of government
purchases in New Keynesian models, through a series of simple examples that can be …
purchases in New Keynesian models, through a series of simple examples that can be …
The six major puzzles in international macroeconomics: is there a common cause?
The central claim in this paper is that by explicitly introducing costs of international trade
(narrowly, transport costs, but more broadly, tariffs, nontariff barriers, and other trade costs) …
(narrowly, transport costs, but more broadly, tariffs, nontariff barriers, and other trade costs) …
Understanding the effects of government spending on consumption
Recent evidence suggests that consumption rises in response to an increase in government
spending. That finding cannot be easily reconciled with existing optimizing business cycle …
spending. That finding cannot be easily reconciled with existing optimizing business cycle …
Macroeconomic effects from government purchases and taxes
For US annual data that include World War II, the estimated multiplier for temporary defense
spending is 0.4–0.5 contemporaneously and 0.6–0.7 over 2 years. If the change in defense …
spending is 0.4–0.5 contemporaneously and 0.6–0.7 over 2 years. If the change in defense …