LEADER 05139oam 22013334 450 001 9910959814203321 005 20250426110948.0 010 $a9786613820983 010 $a9781462311460 010 $a1462311466 010 $a9781452723907 010 $a1452723907 010 $a9781282447783 010 $a1282447785 010 $a9781451989007 010 $a1451989008 035 $a(CKB)3360000000443137 035 $a(EBL)3014410 035 $a(SSID)ssj0000942992 035 $a(PQKBManifestationID)11566060 035 $a(PQKBTitleCode)TC0000942992 035 $a(PQKBWorkID)10975057 035 $a(PQKB)11110740 035 $a(OCoLC)712989266 035 $a(IMF)WPIEE2006182 035 $a(MiAaPQ)EBC3014410 035 $a(IMF)WPIEA2006182 035 $aWPIEA2006182 035 $a(EXLCZ)993360000000443137 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aOn the Properties of Various Estimators for Fiscal Reaction Functions /$fOya Celasun, Joong Kang 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (29 p.) 225 1 $aIMF Working Papers 300 $a"July 2006." 311 08$a9781451864427 311 08$a1451864426 320 $aIncludes bibliographical references. 327 $a""Contents""; ""I. INTRODUCTION""; ""II. BIASES OF ORDINARY-LEAST-SQUARES (OLS) AND LEAST-SQUARES-WITH-DUMMY VARIABLES ( LSDV) ESTIMATORS: ANALYTICAL SOLUTIONS""; ""III. MONTE CARLO EXPERIMENTS""; ""IV. CONCLUSION""; ""References"" 330 3 $aThis paper evaluates the bias of the least-squares-with-dummy-variables (LSDV) method in fiscal reaction function estimations. A growing number of studies estimate fiscal policy reaction functions-that is, relationships between the primary fiscal balance and its determinants, including public debt and the output gap. A previously unexplored methodological issue in these estimations is that lagged debt is not a strictly exogenous variable, which biases the LSDV estimator in short panels. We derive the bias analytically to understand its determinants and run Monte Carlo simulations to assess its likely size in empirical work. We find the bias to be smaller than the bias of the LSDV estimator in a comparable autoregressive dynamic panel model and show the LSDV method to outperform a number of alternatives in estimating fiscal reaction functions. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/182 606 $aFiscal policy$xEconometric models 606 $aFinance, Public 606 $aBonds$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, Public$2imf 606 $aEconometric models$2imf 606 $aEconometrics & economic statistics$2imf 606 $aEconometrics$2imf 606 $aEconomic theory$2imf 606 $aEstimation techniques$2imf 606 $aEstimation$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aFiscal stance$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: Bonds$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Production$2imf 606 $aNational Deficit Surplus$2imf 606 $aOutput gap$2imf 606 $aPanel Data Models$2imf 606 $aProduction and Operations Management$2imf 606 $aProduction$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aSovereign Debt$2imf 606 $aSpatio-temporal Models$2imf 615 0$aFiscal policy$xEconometric models. 615 0$aFinance, Public. 615 7$aBonds 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, Public 615 7$aEconometric models 615 7$aEconometrics & economic statistics 615 7$aEconometrics 615 7$aEconomic theory 615 7$aEstimation techniques 615 7$aEstimation 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aFiscal stance 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aInvestment & securities 615 7$aInvestments: Bonds 615 7$aMacroeconomics 615 7$aMacroeconomics: Production 615 7$aNational Deficit Surplus 615 7$aOutput gap 615 7$aPanel Data Models 615 7$aProduction and Operations Management 615 7$aProduction 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aSovereign Debt 615 7$aSpatio-temporal Models 700 $aCelasun$b Oya$01816281 701 $aKang$b Joong$01449952 801 0$bDcWaIMF 906 $aBOOK 912 $a9910959814203321 996 $aOn the Properties of Various Estimators for Fiscal Reaction Functions$94372204 997 $aUNINA