LEADER 06465oam 22010814 450 001 9910788237703321 005 20230721045651.0 010 $a1-4623-3461-X 010 $a1-4527-5211-7 010 $a1-4518-6982-7 010 $a1-282-84076-2 010 $a9786612840760 035 $a(CKB)3170000000055030 035 $a(EBL)1607878 035 $a(SSID)ssj0000944134 035 $a(PQKBManifestationID)11503323 035 $a(PQKBTitleCode)TC0000944134 035 $a(PQKBWorkID)11000828 035 $a(PQKB)10866967 035 $a(OCoLC)276784179 035 $a(MiAaPQ)EBC1607878 035 $a(IMF)WPIEE2008122 035 $a(EXLCZ)993170000000055030 100 $a20020129d2008 uf 0 101 0 $aeng 181 $ctxt 182 $cc 183 $acr 200 10$aGovernment Size and Output Volatility : $eShould We Forsake Automatic Stabilization? /$fJean Pisani-Ferry, Xavier Debrun, André Sapir 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (55 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/122 300 $aDescription based upon print version of record. 311 $a1-4519-1436-9 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Does Volatility Matter? Does Government Matter?; III. Automatic Stabilizers and the Great Moderation; A. Do bigger governments deliver greater macroeconomic stability?; B. Fiscal stabilization is not a free lunch; C. The Great Moderation: Why has output volatility declined?; Figures; 1. United States: Volatility of GDP and Consumption; 2. The Taylor Curve and the Inflation-Output Volatility Trade-off; IV. Government Size, Fiscal Stabilization and Volatility; A. The End of Big Government?; 3. Selected OECD Countries: Total Expenditure to GDP Ratio (1963-2006) 327 $a4. Selected OECD Countries: Social-Security vs. Non-Social-Security Expenditure5. Selected OECD Countries: Openness to Trade and Government Size (1963-2006); B. The Great Moderation: Beyond the United States; 6. Selected OECD Countries: The Great Moderation (1963-2006); 7. Selected OECD Countries: The Great Moderation in More Open Economies; 8. Selected OECD Countries: Volatility by Country Groupings; 9. The Changing Relationship between Volatility and Government Size; C. What Stabilizes Private Consumption?; 10. Selected OECD Countries: Government Size and Change in Output Volatility 327 $a11. United States: Variance Decomposition of Household Consumption 12. Selected Euro Area Countries Variance Decomposition of Household Consumption; V. A Fresh Look at the Link between Government Size and Volatility; A. Specification and Econometric Issues; B. Results; Tables; 1. Government Size and Volatility: Basic Results; 2. Government Size and the; 3. Government Size and Volatility: Interactions and Non-linearities (Pooled OLS, 1961- 2007); 13. Estimated Impact on Volatility of an Increase in Government Expenditure by percentage point of GDP 327 $a4. Output Volatility and Alternative Measures of Government Size (pooled OLS)VI. Conclusions; References; Appendix; Appendix Tables; A1. Government Size and Volatility: Basic Results with Output Gap Volatility; A2. Government Size and Volatility: Additional Controls; A3. Government and Volatility: Instrumental Variables (Pooled TSLS, period fixed effects, 1961-2007); A4. Government Size and the Great Moderation (Pooled OLS, 1961-2007); A5. Government and Volatility: Instrumental Variables (Pooled TSLS, period fixed effects, 1961-2007) 327 $aA6. Government Size and Volatility: Interactions and Non-linearities (Pooled OLS, 1961- 2007) 330 3 $aThe paper takes stock of the debate on the positive link between output volatility and the size of government-which reflects automatic stabilizers. After a survey of the literature, we show that the contribution of automatic stabilizers to output stability may have disappeared since the 1990s. However, econometric analysis suggests that the breakdown in the government size-volatility relationship largely reflects temporary developments (better monetary management and financial intermediation). Once these factors are taken into account, the stabilizing role of government size remains important although little extra stability can be gained by expanding public expenditure beyond 40 percent of GDP. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/122 606 $aEconomic stabilization$zEuropean Union countries 606 $aMonetary policy$zEuropean Union countries 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aComparative or Joint Analysis of Fiscal and Monetary Policy$2imf 606 $aStabilization$2imf 606 $aTreasury Policy$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aFiscal Policy$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aPublic finance & taxation$2imf 606 $aExpenditure$2imf 606 $aAutomatic stabilizers$2imf 606 $aFiscal stabilization$2imf 606 $aFiscal policy$2imf 606 $aConsumption$2imf 606 $aExpenditures, Public$2imf 606 $aEconomics$2imf 607 $aUnited States$2imf 615 0$aEconomic stabilization 615 0$aMonetary policy 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aComparative or Joint Analysis of Fiscal and Monetary Policy 615 7$aStabilization 615 7$aTreasury Policy 615 7$aNational Government Expenditures and Related Policies: General 615 7$aFiscal Policy 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aPublic finance & taxation 615 7$aExpenditure 615 7$aAutomatic stabilizers 615 7$aFiscal stabilization 615 7$aFiscal policy 615 7$aConsumption 615 7$aExpenditures, Public 615 7$aEconomics 676 $a337.142 700 $aPisani-Ferry$b Jean$0126498 701 $aDebrun$b Xavier$01464155 701 $aSapir$b André$0375105 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788237703321 996 $aGovernment Size and Output Volatility$93704206 997 $aUNINA