LEADER 05083oam 22010574 450 001 9910788339003321 005 20230721045655.0 010 $a1-4623-1542-9 010 $a1-4527-0668-9 010 $a1-4518-7198-8 010 $a9786612842726 010 $a1-282-84272-2 035 $a(CKB)3170000000055224 035 $a(EBL)1608224 035 $a(SSID)ssj0000940818 035 $a(PQKBManifestationID)11586355 035 $a(PQKBTitleCode)TC0000940818 035 $a(PQKBWorkID)10956081 035 $a(PQKB)10355850 035 $a(OCoLC)650287747 035 $a(MiAaPQ)EBC1608224 035 $a(IMF)WPIEE2009050 035 $a(EXLCZ)993170000000055224 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFiscal and Monetary Policy During Downturns : $eEvidence From the G7 /$fSven Jari Stehn, Daniel Leigh 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (23 p.) 225 1 $aIMF Working Papers 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 3 $aThis paper analyzes how fiscal and monetary policy typically respond during downturns in G7 countries. It evaluates whether discretionary fiscal responses to downturns are timely and temporary, and compares the response of fiscal policy to that of monetary policy. The results suggest that while responding more weakly and less quickly than monetary policy, discretionary fiscal policy is more timely than conventional wisdom would suggest, particularly in ?Anglo-Saxon? countries, but the response differs substantially across fiscal instruments. Both fiscal and monetary policy are found to be subject to an easing bias, with more easing during downturns than tightening during upturns; and liable to easing in response to erroneously perceived downturns, many of which are subsequently revised to expansions. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/050 606 $aFiscal policy 606 $aMonetary policy 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aProduction and Operations Management$2imf 606 $aFiscal Policy$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 $aMacroeconomics: Production$2imf 606 $aPublic finance & taxation$2imf 606 $aFiscal policy$2imf 606 $aFiscal stance$2imf 606 $aFiscal stimulus$2imf 606 $aOutput gap$2imf 606 $aCurrent spending$2imf 606 $aProduction$2imf 606 $aExpenditure$2imf 606 $aEconomic theory$2imf 606 $aExpenditures, Public$2imf 607 $aUnited States$2imf 615 0$aFiscal policy. 615 0$aMonetary policy. 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aProduction and Operations Management 615 7$aFiscal Policy 615 7$aComparative or Joint Analysis of Fiscal and Monetary Policy 615 7$aStabilization 615 7$aTreasury Policy 615 7$aNational Government Expenditures and Related Policies: General 615 7$aMacroeconomics: Production 615 7$aPublic finance & taxation 615 7$aFiscal policy 615 7$aFiscal stance 615 7$aFiscal stimulus 615 7$aOutput gap 615 7$aCurrent spending 615 7$aProduction 615 7$aExpenditure 615 7$aEconomic theory 615 7$aExpenditures, Public 700 $aStehn$b Sven Jari$01472662 701 $aLeigh$b Daniel$01462093 712 02$aInternational Monetary Fund.$bFiscal Affairs Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788339003321 996 $aFiscal and Monetary Policy During Downturns$93716441 997 $aUNINA