(Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier:
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 moneta...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2015
|
| Schriftenreihe: | IMF Working Papers: Working Paper No. 15 / 114
|
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 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 |
| Beschreibung: | 1 Online-Ressource (44 p) |
| ISBN: | 1513572180 9781513572185 |
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| index_date | 2024-07-03T20:13:37Z |
| indexdate | 2024-07-10T09:35:47Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers: Working Paper No. 15 / 114 |
| spelling | Belinga, Vincent Verfasser aut (Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier Belinga, Vincent Washington, D.C International Monetary Fund 2015 1 Online-Ressource (44 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers: Working Paper No. 15 / 114 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 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 Online-Ausg Lonkeng Ngouana, Constant Sonstige oth http://www.elibrary.imf.org/view/IMF001/22573-9781513572185/22573-9781513572185/22573-9781513572185.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Belinga, Vincent (Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier |
| title | (Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier |
| title_auth | (Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier |
| title_exact_search | (Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier |
| title_exact_search_txtP | (Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier |
| title_full | (Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier Belinga, Vincent |
| title_fullStr | (Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier Belinga, Vincent |
| title_full_unstemmed | (Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier Belinga, Vincent |
| title_short | (Not) Dancing Together: Monetary Policy Stance and the Government Spending Multiplier |
| title_sort | not dancing together monetary policy stance and the government spending multiplier |
| url | http://www.elibrary.imf.org/view/IMF001/22573-9781513572185/22573-9781513572185/22573-9781513572185.xml |
| work_keys_str_mv | AT belingavincent notdancingtogethermonetarypolicystanceandthegovernmentspendingmultiplier AT lonkengngouanaconstant notdancingtogethermonetarypolicystanceandthegovernmentspendingmultiplier |