LEADER 05335oam 22011654 450 001 9910973832103321 005 20251116163620.0 010 $a9786612842726 010 $a9781462315420 010 $a1462315429 010 $a9781452706689 010 $a1452706689 010 $a9781451871982 010 $a1451871988 010 $a9781282842724 010 $a1282842722 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(IMF)WPIEE2009050 035 $a(MiAaPQ)EBC1608224 035 $a(IMF)WPIEA2009050 035 $aWPIEA2009050 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 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (23 p.) 225 1 $aIMF Working Papers 300 $a"March 2009." 311 08$a9781451916331 311 08$a1451916337 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 $aComparative or Joint Analysis of Fiscal and Monetary Policy$2imf 606 $aCurrent spending$2imf 606 $aEconomic theory$2imf 606 $aExpenditure$2imf 606 $aExpenditures, Public$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aFiscal stance$2imf 606 $aFiscal stimulus$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Production$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aOutput gap$2imf 606 $aProduction and Operations Management$2imf 606 $aProduction$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aStabilization$2imf 606 $aTreasury Policy$2imf 607 $aUnited States$2imf 615 0$aFiscal policy. 615 0$aMonetary policy. 615 7$aComparative or Joint Analysis of Fiscal and Monetary Policy 615 7$aCurrent spending 615 7$aEconomic theory 615 7$aExpenditure 615 7$aExpenditures, Public 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aFiscal stance 615 7$aFiscal stimulus 615 7$aMacroeconomics 615 7$aMacroeconomics: Production 615 7$aNational Government Expenditures and Related Policies: General 615 7$aOutput gap 615 7$aProduction and Operations Management 615 7$aProduction 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aStabilization 615 7$aTreasury Policy 676 $a338.283945 700 $aStehn$b Sven Jari$01815911 701 $aLeigh$b Daniel$01815832 712 02$aInternational Monetary Fund.$bFiscal Affairs Department. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910973832103321 996 $aFiscal and Monetary Policy During Downturns$94371716 997 $aUNINA