Fiscal multipliers in a small open economy: the case of Austria

J 2022

Fiscal multipliers in a small open economy: the case of Austria

ČAPEK, Jan, Jesús CRESPO CUARESMA, Johannes HOLLER a Philip SCHUSTER

Základní údaje

Originální název

Fiscal multipliers in a small open economy: the case of Austria

Autoři

ČAPEK, Jan (203 Česká republika, garant, domácí), Jesús CRESPO CUARESMA (724 Španělsko, domácí), Johannes HOLLER (40 Rakousko) a Philip SCHUSTER (40 Rakousko)

Vydání

OXFORD ECONOMIC PAPERS-NEW SERIES, Oxford, Oxford University Press, 2022, 0030-7653

Další údaje

Jazyk

angličtina

Typ výsledku

Článek v odborném periodiku

Obor

50202 Applied Economics, Econometrics

Stát vydavatele

Velká Británie a Severní Irsko

Utajení

není předmětem státního či obchodního tajemství

Odkazy

URL

Impakt faktor

Impact factor: 1.200

Kód RIV

RIV/00216224:14560/22:00119117

Organizační jednotka

Ekonomicko-správní fakulta

DOI

http://dx.doi.org/10.1093/oep/gpab027

UT WoS

000764498700001

Klíčová slova anglicky

fiscal multiplier;small open economy;SVAR;FAVAR;Austria

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 19. 1. 2023 10:41, Mgr. Pavlína Kurková

Anotace

V originále

We estimate fiscal multipliers for Austria in a framework of model uncertainty emanating from the choice of a particular econometric model. We present a comprehensive framework that allows to assess the effects of different multiplier definitions and choices related to the data, the model employed, and further technical choices associated with the specification of the model exert on fiscal multiplier estimates. The mean present-value government spending multiplier over all models entertained, based on around 3,000 estimates, is 0.68. Estimates of the peak spending multiplier for Austria tend to be larger than present-value spending multipliers, with a mean value of 0.85. The magnitude of the present-value tax multiplier is relatively high, with an average value across specifications of −1.12 and the mean peak tax multiplier is −0.54 for all specifications used.

Návaznosti

GA17-14263S, projekt VaV

Název: Dynamické průměrování předpovědí makroekonomických modelů

Investor: Grantová agentura ČR, Dynamic forecast averaging of macroeconomic models

Přiložené soubory

Austrian_multipliers_accepted.pdf

Požádat o autorskou verzi souboru

fiscal_multipliers.pdf

Požádat o autorskou verzi souboru

Citovat

ČAPEK, Jan, Jesús CRESPO CUARESMA, Johannes HOLLER a Philip SCHUSTER. Fiscal multipliers in a small open economy: the case of Austria. OXFORD ECONOMIC PAPERS-NEW SERIES. Oxford: Oxford University Press, 2022, roč. 74, č. 2, s. 412-430. ISSN 0030-7653. Dostupné z: https://dx.doi.org/10.1093/oep/gpab027.

@article{1784977,
   author = {Čapek, Jan and Crespo Cuaresma, Jesús and Holler, Johannes and Schuster, Philip},
   article_location = {Oxford},
   article_number = {2},
   doi = {http://dx.doi.org/10.1093/oep/gpab027},
   keywords = {fiscal multiplier;small open economy;SVAR;FAVAR;Austria},
   language = {eng},
   issn = {0030-7653},
   journal = {OXFORD ECONOMIC PAPERS-NEW SERIES},
   title = {Fiscal multipliers in a small open economy: the case of Austria},
   url = {https://doi.org/10.1093/oep/gpab027},
   volume = {74},
   year = {2022}
}

TY  - JOUR
ID  - 1784977
AU  - Čapek, Jan - Crespo Cuaresma, Jesús - Holler, Johannes - Schuster, Philip
PY  - 2022
TI  - Fiscal multipliers in a small open economy: the case of Austria
JF  - OXFORD ECONOMIC PAPERS-NEW SERIES
VL  - 74
IS  - 2
SP  - 412-430
EP  - 412-430
PB  - Oxford University Press
SN  - 00307653
KW  - fiscal multiplier;small open economy;SVAR;FAVAR;Austria
UR  - https://doi.org/10.1093/oep/gpab027
N2  - We estimate fiscal multipliers for Austria in a framework of model uncertainty emanating from the choice of a particular econometric model. We present a comprehensive framework that allows to assess the effects of different multiplier definitions and choices related to the data, the model employed, and further technical choices associated with the specification of the model exert on fiscal multiplier estimates. The mean present-value government spending multiplier over all models entertained, based on around 3,000 estimates, is 0.68. Estimates of the peak spending multiplier for Austria tend to be larger than present-value spending multipliers, with a mean value of 0.85. The magnitude of the present-value tax multiplier is relatively high, with an average value across specifications of −1.12 and the mean peak tax multiplier is −0.54 for all specifications used.
ER  -

ČAPEK, Jan, Jesús CRESPO CUARESMA, Johannes HOLLER a Philip SCHUSTER. Fiscal multipliers in a small open economy: the case of Austria. \textit{OXFORD ECONOMIC PAPERS-NEW SERIES}. Oxford: Oxford University Press, 2022, roč.~74, č.~2, s.~412-430. ISSN~0030-7653. Dostupné z: https://dx.doi.org/10.1093/oep/gpab027.

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