Cross Border Transmission of Fiscal Shocks The Role of Monetary Conditions is popular PDF and ePub book, written by Patrick Blagrave in 2018-05-09, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Cross Border Transmission of Fiscal Shocks The Role of Monetary Conditions can be Read Online from any device for your convenience.
Cross Border Transmission of Fiscal Shocks The Role of Monetary Conditions Book PDF Summary
Fiscal stimulus was widely advocated during the global crisis, a period characterized by monetary policy constrained by the effective lower bound (ELB) in many countries, in part because of expected positive spillovers. Standard New Keynesian models predict the cross-border transmission of fiscal shocks is stronger when monetary policy is constrained in recipients. However, the empirical evidence is scarce. This paper bridges this gap by looking at the impact of fiscal shocks in systemic (source) economies on output and demand components in a large group of (recipient) countries, under different monetary policy conditions. Empirical results are compared to simulations with a state-of-the-art estimated open-economy New Keynesian model. Our results corroborate model predictions, finding larger spillovers when recipients are at the ELB, driven by stronger responses of investment and consumption relative to normal times
Detail Book of Cross Border Transmission of Fiscal Shocks The Role of Monetary Conditions PDF
- Author : Patrick Blagrave
- Release : 09 May 2018
- Publisher : International Monetary Fund
- ISBN : 9781484356159
- Genre : Business & Economics
- Total Page : 32 pages
- Language : English
- PDF File Size : 19,8 Mb
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