The size of fiscal Multipliers and the stance of monetary policy in developing economies

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dc.audiencePolicymakerseng
dc.audienceResearcherseng
dc.audienceStudentseng
dc.audienceTeacherseng
dc.coverage.sucursalBogotáspa
dc.creatorOjeda-Joya, Jair N.spa
dc.creatorGuzmán, Oscar E.spa
dc.creator.firmaJair N. Ojeda-Joyaspa
dc.date.accessioned2017-08-14T08:30:10Zeng
dc.date.available2017-08-14T08:30:10Zspa
dc.date.created2017-08-14spa
dc.date.issued2017-08-14eng
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.eng
dc.format.extent25 páginas : gráficas, tablasspa
dc.format.mimetypePDFspa
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/6323spa
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/6323eng
dc.language.isoengeng
dc.publisherBanco de la República de Colombiaspa
dc.relation.doihttps://doi.org/10.32468/be.1010spa
dc.relation.ispartofDocumentos de trabajoeng
dc.relation.ispartofseriesBorradores de Economíaspa
dc.relation.isversionofBorradores de Economía; No. 1010eng
dc.relation.numberBorrador 1010spa
dc.relation.repechttps://ideas.repec.org/p/bdr/borrec/1010.htmlspa
dc.rights.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0eng
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.spa
dc.rights.spaAcceso abiertospa
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
dc.source.bibliographicCitationAbrigo, M. R., and I. Love, (2016). “Estimation of Panel Vector Autoregression in Stata,” The Stata Journal, 16(3), pp. 778-804.eng
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.eng
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.eng
dc.source.handleRepecRePEc:bdr:borrec:1010spa
dc.subjectPolítica fiscalspa
dc.subjectPolítica monetariaspa
dc.subjectModelos VAReng
dc.subjectTipos de cambiospa
dc.subjectPanel VARspa
dc.subject.jelE63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policyeng
dc.subject.jelE62 - Fiscal Policyeng
dc.subject.jelF32 - Current Account Adjustment; Short-Term Capital Movementseng
dc.subject.jelspaF32 - Ajustes de la balanza por cuenta corriente; Movimientos de capital a corto plazospa
dc.subject.jelspaE62 - Política fiscalspa
dc.subject.jelspaE63 - Análisis comparativo o conjunto de las políticas fiscales y monetarias; Estabilización; Políticas de tesoreríaspa
dc.subject.keywordFiscal policyeng
dc.subject.keywordMonetary policyeng
dc.subject.keywordStructural vector autoregressioneng
dc.subject.keywordExchange rate regimeeng
dc.subject.keywordPanel VAReng
dc.subject.lembProducto interno bruto -- Estudios comparadosspa
dc.subject.lembConsumo (Economía) -- Estudios comparadosspa
dc.subject.lembCiclos económicos -- Estudios comparadosspa
dc.subject.lembPolítica monetaria -- Estudios comparadosspa
dc.subject.lembGastos públicos -- Estudios comparadosspa
dc.titleThe size of fiscal Multipliers and the stance of monetary policy in developing economieseng
dc.typeWorking Papereng
dc.type.hasversionPublished Versioneng
dc.type.spaDocumentos de trabajospa

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