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101 0 $aeng
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181   $ctxt
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200 10$aFiscal and monetary policy during downturns$b[electronic resource] $eevidence from the G7 /$fprepared by Daniel Leigh and Sven Jari Stehn
210   $a[Washington, D.C.] $cInternational Monetary Fund, Fiscal Affairs Dept$d2009
215   $a1 online resource (23 p.)
225 1 $aIMF working paper ;$vWP/09/50
300   $a"March 2009."
311   $a1-4519-1633-7 
320   $aIncludes bibliographical references.
327   $aContents; 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?
327   $aD. 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; References
330   $aThis paper analyzes how fiscal and monetary policy typically respond during downturns in G7 countries. It evaluates whether discretionary fiscal responses to downturns are timely and temporary, and compares the response of fiscal policy to that of monetary policy. The results suggest that while responding more weakly and less quickly than monetary policy, discretionary fiscal policy is more timely than conventional wisdom would suggest, particularly in "Anglo-Saxon" countries, but the response differs substantially across fiscal instruments. Both fiscal and monetary policy are found to be subj
410  0$aIMF working paper ;$vWP/09/50.
606   $aFiscal policy
606   $aMonetary policy
608   $aElectronic books.
615  0$aFiscal policy.
615  0$aMonetary policy.
700   $aLeigh$b Daniel$0867941
701   $aStehn$b Sven Jari$0901877
712 02$aInternational Monetary Fund.$bFiscal Affairs Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910464241803321
996   $aFiscal and monetary policy during downturns$92089904
997   $aUNINA