LEADER 05431oam 22010454 450 001 9910788335603321 005 20230721045657.0 010 $a1-4623-2954-3 010 $a1-4527-8336-5 010 $a9786612843211 010 $a1-282-84321-4 010 $a1-4518-7253-4 035 $a(CKB)3170000000055258 035 $a(EBL)1608278 035 $a(SSID)ssj0000940830 035 $a(PQKBManifestationID)11518144 035 $a(PQKBTitleCode)TC0000940830 035 $a(PQKBWorkID)10955613 035 $a(PQKB)10162045 035 $a(OCoLC)645463668 035 $a(MiAaPQ)EBC1608278 035 $a(IMF)WPIEE2009106 035 $a(EXLCZ)993170000000055258 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFiscal Stimulus with Spending Reversals /$fGernot Müller, Giancarlo Corsetti, Andre Meier 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (41 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1683-3 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Model; A. Final Good Firms; B. Intermediate Good Firms; C. Households; D. Government; E. Equilibrium; III. Fiscal Policy Transmission with Spending Reversals; A. Parameterization; Tables; 1. Parameterization of the Model; B. Quantitative Analysis; Figures; 1. Effect of Government Spending Shocks: Sticky Price vs. Flexible Price Allocation; 2. Effect of Government Spending Shocks: Debt-Stabilizing vs. Debt- Insensitive Spending Rule; 3. Effect of Government Spending Shocks: Model with Limited Participation in Asset Markets; IV. Time Series Evidence 327 $aA. VAR SpecificationB. Results; 4. Fiscal Policy Transmission According to VAR Model: Effects of VAR Shock; 5. Fiscal Policy Transmission According to VAR Model: Effects of Military Event; V. Conclusion; References; Appendices; I. More Simulation Results; Appendix Figures; A.1. Effect of Government Spending Shocks: Debt-Stabilizing vs. Debt- Insensitive Government Spending under Complete Markets; A.2. Effects of Government Spending Shocks: High Debt Elasticity of Interest Rates vs. Baseline; II. Data; III. Sensitivity Analysis of VAR Results 327 $aA.3. Fiscal Policy Transmission According to VAR Model: Effects of VAR Shock. Sensitivity AnalysisA.4. Fiscal Policy Transmission According to VAR Model: Effects of Military Event. Sensitivity Analysis; A.5. Fiscal Policy Transmission According to VAR Model: Effects of VAR Shock in Nominal VAR; A.6. Fiscal Policy Transmission According to VAR Model: Effects of Military Event in Nominal VAR 330 3 $aThe impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government spending under a plausible debt-stabilizing policy that links current stimulus to a subsequent period of spending restraint. Accounting for such spending reversals brings an otherwise standard new Keynesian model in line with the stylized facts of fiscal transmission, including the crowding-in of consumption and the 'puzzle' of real exchange rate depreciation. Time series evidence for the U.S. supports the empirical relevance of spending reversals. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/106 606 $aExpenditures, Public 606 $aFiscal policy 606 $aBanks and Banking$2imf 606 $aForeign Exchange$2imf 606 $aPublic Finance$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aFiscal Policy$2imf 606 $aPublic finance & taxation$2imf 606 $aFinance$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aMacroeconomics$2imf 606 $aExpenditure$2imf 606 $aReal exchange rates$2imf 606 $aReal interest rates$2imf 606 $aLong term interest rates$2imf 606 $aFiscal policy$2imf 606 $aExpenditures, Public$2imf 606 $aInterest rates$2imf 607 $aUnited States$2imf 615 0$aExpenditures, Public. 615 0$aFiscal policy. 615 7$aBanks and Banking 615 7$aForeign Exchange 615 7$aPublic Finance 615 7$aNational Government Expenditures and Related Policies: General 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aFiscal Policy 615 7$aPublic finance & taxation 615 7$aFinance 615 7$aCurrency 615 7$aForeign exchange 615 7$aMacroeconomics 615 7$aExpenditure 615 7$aReal exchange rates 615 7$aReal interest rates 615 7$aLong term interest rates 615 7$aFiscal policy 615 7$aExpenditures, Public 615 7$aInterest rates 700 $aMüller$b Gernot$01472690 701 $aCorsetti$b Giancarlo$0122773 701 $aMeier$b Andre$0862014 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788335603321 996 $aFiscal Stimulus with Spending Reversals$93685561 997 $aUNINA