Not Dancing Together is popular PDF and ePub book, written by Vincent Belinga in 2015-05-27, 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, Not Dancing Together can be Read Online from any device for your convenience.
Not Dancing Together Book PDF Summary
This paper provides estimates of the government spending multiplier over the monetary policy cycle. We identify government spending shocks as forecast errors of the growth rate of government spending from the Survey of Professional Forecasters (SPF) and from the Greenbook record. The state of monetary policy is inferred from the deviation of the U.S. Fed funds rate from the target rate, using a smooth transition function. Applying the local projections method to quarterly U.S. data, we find that the federal government spending multiplier is substantially higher under accommodative than non-accommodative monetary policy. Our estimations also suggest that federal government spending may crowd-in or crowd-out private consumption, depending on the extent of monetary policy accommodation. The latter result reconciles—in a unified framework—apparently contradictory findings in the literature. We discuss the implications of our findings for the ongoing normalization of monetary conditions in advanced economies.
Detail Book of Not Dancing Together PDF
- Author : Vincent Belinga
- Release : 27 May 2015
- Publisher : International Monetary Fund
- ISBN : 9781513561080
- Genre : Business & Economics
- Total Page : 44 pages
- Language : English
- PDF File Size : 13,6 Mb
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