03383nam 2200613Ia 450 991046424180332120210629163042.01-4623-1542-91-4527-0668-91-4518-7198-897866128427261-282-84272-2(CKB)3170000000055224(EBL)1608224(SSID)ssj0000940818(PQKBManifestationID)11586355(PQKBTitleCode)TC0000940818(PQKBWorkID)10956081(PQKB)10355850(OCoLC)650287747(MiAaPQ)EBC1608224(EXLCZ)99317000000005522420090811d2009 uf 0engur|n|---|||||txtccrFiscal and monetary policy during downturns[electronic resource] evidence from the G7 /prepared by Daniel Leigh and Sven Jari Stehn[Washington, D.C.] International Monetary Fund, Fiscal Affairs Dept20091 online resource (23 p.)IMF working paper ;WP/09/50"March 2009."1-4519-1633-7 Includes bibliographical references.Contents; I. Introduction and Summary; II. Event-Study Analysis; A. Data and Methodology; B. Results; Tables; 1. How Often and Quickly did Fiscal Stimulus Arriva During Downturns?; III. Vector-Autoregression (VAR) Analysis; A. Methodology; 2. How Often and Quickly did Fiscal Stimulus Arrive During Upturns?; B. Baseline Results; Figures; 1. How Strongly do Fiscal and Monetary Policy Respond?; 2. How does the Response Vary Across Fiscal Instruments and G7 Members?; 3. How Robust is the Response to the Cyclical Indicator?; C. Asymmetry; 4. Is There a Bias Towards Easing in Downturn?D. Policy in Real Time5. Errors in Identifying Negative Growth in the G7; 3. How Reliable are Preliminary Growth Estimates?; 6. Has Policy Erroneously Responded to Perceived Growth Shocks?; IV. Case Study: Have U.S. Tax Cuts Been Timely and Temporary?; V. Conclusion; 4. Legislated Tax Changes During Downturns; 5. Summary of Countercyclical Tax Changes; ReferencesThis paper analyzes how fiscal and monetary policy typically respond during downturns in G7 countries. It evaluates whether discretionary fiscal responses to downturns are timely and temporary, and compares the response of fiscal policy to that of monetary policy. The results suggest that while responding more weakly and less quickly than monetary policy, discretionary fiscal policy is more timely than conventional wisdom would suggest, particularly in "Anglo-Saxon" countries, but the response differs substantially across fiscal instruments. Both fiscal and monetary policy are found to be subjIMF working paper ;WP/09/50.Fiscal policyMonetary policyElectronic books.Fiscal policy.Monetary policy.Leigh Daniel867941Stehn Sven Jari901877International Monetary Fund.Fiscal Affairs Dept.MiAaPQMiAaPQMiAaPQBOOK9910464241803321Fiscal and monetary policy during downturns2089904UNINA