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dc.creatorOjeda-Joya, Jair N.
dc.creatorGuzmán, Oscar E.
dc.date.created2017-08-14
dc.date.issued2017-08-14
dc.identifier.urihttp://repositorio.banrep.gov.co/handle/20.500.12134/6323
dc.description.abstractIn this paper we estimate the effect of government consumption shocks on GDP using a panel of 21 developing economies. Our goal is to better understand the reasons for the low fiscal multipliers found in the literature by performing estimations for alternative exchange rate regimes, business-cycle phases, and monetary policy stances. In addition, we perform counterfactual simulations to analyze the possible gains from fiscal-monetary policy coordination. The results imply that government consumption shocks are usually followed by monetary policy tightening in developing economies with flexible regimes. Our simulations show that this reaction partially explains the presence of low fiscal multipliers in these economies. Government consumption shocks imply lower multipliers in developing economies during flexible regimes, economic slowdowns or monetary contractions. In addition, implementing fiscal programs during monetary expansions seems to improve significantly their economic stimulus.
dc.format.extent25 páginas : gráficas, tablas
dc.format.mimetypePDF
dc.language.isoeng
dc.publisherBanco de la República de Colombia
dc.relation.ispartofDocumentos de trabajo
dc.relation.ispartofseriesBorradores de Economía
dc.relation.isversionofBorradores de Economía; No. 1010
dc.rights.accessRightsOpen Access
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.subjectPolítica fiscal
dc.subjectPolítica monetaria
dc.subjectModelos VAR
dc.subjectTipos de cambio
dc.subjectPanel VAR
dc.titleThe size of fiscal Multipliers and the stance of monetary policy in developing economies
dc.typeWorking Paper
dc.subject.jelE63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
dc.subject.jelE62 - Fiscal Policy
dc.subject.jelF32 - Current Account Adjustment; Short-Term Capital Movements
dc.audiencePolicymakers
dc.audienceResearchers
dc.audienceStudents
dc.audienceTeachers
dc.subject.keywordFiscal policy
dc.subject.keywordMonetary policy
dc.subject.keywordStructural vector autoregression
dc.subject.keywordExchange rate regime
dc.subject.keywordPanel VAR
dc.subject.lembProducto interno bruto -- Estudios comparados
dc.subject.lembConsumo (Economía) -- Estudios comparados
dc.subject.lembCiclos económicos -- Estudios comparados
dc.subject.lembPolítica monetaria -- Estudios comparados
dc.subject.lembGastos públicos -- Estudios comparados
dc.type.spaDocumentos de trabajo
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspaF32 - Ajustes de la balanza por cuenta corriente; Movimientos de capital a corto plazo
dc.subject.jelspaE62 - Política fiscal
dc.subject.jelspaE63 - Análisis comparativo o conjunto de las políticas fiscales y monetarias; Estabilización; Políticas de tesorería
dc.type.hasversionPublished Version
dc.coverage.sucursalBogotá
dc.source.bibliographicCitationAbrigo, M. R., and I. Love, (2016). “Estimation of Panel Vector Autoregression in Stata,” The Stata Journal, 16(3), pp. 778-804.
dc.source.bibliographicCitationAndrews, D. W. K., and B. Lu (2001). “Consistent Model and Moment Selection Procedures for GMM Estimation with Application to Dynamic Panel Data Models,” Journal of Econometrics, 101(1), pp. 123-164.
dc.source.bibliographicCitationAnzuini, A., M. Lombardi, and P. Pagano, (2013). “The Impact of Monetary Policy Shocks on Commodity Prices,” International Journal of Central Banking, 9(3), pp.119-144.
dc.relation.doihttps://doi.org/10.32468/be.1010
dc.rights.disclaimerLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
dc.relation.numberBorrador 1010
dc.relation.repechttps://ideas.repec.org/p/bdr/borrec/1010.html
dc.identifier.handlehttp://hdl.handle.net/20.500.12134/6323
dc.creator.firmaJair N. Ojeda-Joya
dc.source.handleRepecRePEc:bdr:borrec:1010


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This work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.This document has been deposited by the author (s) under the following certificate of deposit