03817nam 2200661Ia 450 991081661670332120200520144314.01-4755-8800-31-4755-2392-0(CKB)2550000001041552(EBL)1607092(SSID)ssj0000953147(PQKBManifestationID)11504683(PQKBTitleCode)TC0000953147(PQKBWorkID)10907000(PQKB)11423924(Au-PeEL)EBL1607092(CaPaEBR)ebr10661243(OCoLC)821064563(IMF)WPIEE2012286(IMF)WPIEA2012286(MiAaPQ)EBC1607092(EXLCZ)99255000000104155220121213d2012 uy 0engur|n|---|||||txtccrFiscal multipliers and the state of the economy /prepared by Anja Baum, Marcos Poplawski-Ribeiro, and Anke Weber1st ed.Washington, D.C. International Monetary Fundc20121 online resource (32 p.)IMF working paper ;WP/12/286Description based upon print version of record.1-58906-389-9 1-4755-6582-8 Includes bibliographical references.Cover; Contents; I. Introduction; II. Background and Literature Review; A. What are Fiscal Multipliers and How Large are They?; B. Do Multipliers Differ in Downturns and Expansions?; Figures; 1. Country Characteristics and Multipliers; III. Data and Methodology; A. Data Sources and Description; Tables; 1. Cumulative Fiscal Multiplier Estimates from Selected Non-Linear Approaches; B. Threshold VAR Methodology; C. Impulse Response Functions; IV. Results; A. Country-by-Country Results; 2. G7 Selected Countries: Descriptive Statistics, 1965Q2-2011Q23. G7 Selected Countries: Threshold Estimation, 1965Q2-2011Q22. Cumulative Fiscal Multipliers: Fiscal Expansion; 3. Cumulative Fiscal Multipliers: Fiscal Contraction; B. Average of G7 Economies; C. Discussion and Caveats; 4. Fiscal Multipliers in G7 Economies; D. Policy Implications: Up-front versus Gradual Implementation; 5. G7 Economies: Cumulative Impact on Output from a Negative Discretionary Fiscal Spending Shock; V. Conclusions; A. Data Sources and Description; Appendix; B. Cumulative Generalized Impulse Response Functions and Confidential IntervalsC. Using Output Growth as the Threshold VariableReferencesOnly a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (excluding Italy). Our results show that fiscal multipliers differ across countries, calling for a tailored use of fiscal policy. Moreover, the position in the business cycle affects the impact of fiscal policy on output: on average, government spending, and revenue multipliers tend to be larger in downturns than in expansions. This asymmetry has implications for the choice between an upfront fiscal adjustment versus a more gradual approach.IMF Working Papers; Working Paper ;No. 2012/286Multiplier (Economics)Fiscal policyDeveloped countriesMultiplier (Economics)Fiscal policy332.1/52Baum Anja1985-1758359Ribeiro Marcos Poplawski1977-1758360Weber Anke1981-1756962MiAaPQMiAaPQMiAaPQBOOK9910816616703321Fiscal multipliers and the state of the economy4196554UNINA