Ramey and zubairy 2018

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August undefined, 2024

WebbNotes: The defense news shocks are from Ramey and Zubairy (2024). The estimated shocks are the Blanchard-Perotti shocks. Both shocks are normalized by potential GDP. Our results are robust to using only the BP shock as an instrument (Table A.2 and Figure A.1, panel a), but not the defence news shock on its own (Table A.3 and Figure A.1, panel b). WebbThis paper investigates whether U.S. government spending multipliers differ according to two potentially important features of the economy: (1) the amount of slack and (2) …

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WebbCharles R. Hulten and Valerie A. Ramey, eds. NBER Studies in Income and Wealth, Volume 77. University of Chicago Press, 2024. Government Spending Multipliers in Good Times … Webb20 okt. 2024 · Ramey, V., Zubairy, S. (2024), “Government spending multipliers in good times and in bad: evidence from U.S. historical data”, Journal of Political Economy, No. … st joseph scrap yard

Government Spending Multipliers in Good Times and in Bad: …

WebbRamey and Zubairy (2024) "Government Spending Multipliers in Good Times and in Bad: Evidence from US Historical Data" (discussed in lecture 9) show that the government spending multiplier can be substantially larger than 1 (1.5) when the economy is at the ZLB. Webbto Ramey and Zubairy 2024, we nd a ve-fold increase in the scal multiplier for above-median excess capacity counties compared to below-media excess capacity counties. One recent paper (Michaillat 2014) shows that when unemployment is higher, public sector employment crowds out fewer matches and thus the multiplier is countercyclical. Webbof the methodology developed by Ramey and Zubairy(2024, RZ hereafter). They consider the state-dependent local projection method of Jordà(2005). Their baseline regression … st joseph secondary school fiji

Identification and Estimation of Dynamic Causal Effects in ...

Fiscal Rules, Policy and Macroeconomic Stabilization in the euro …

WebbGorodnichenko 2013a). Similarly, exogenously imposing NBER business cycle dates, as in Ramey and Zubairy (2024), is inconsistent with the state of the business cycle depending on the response of the model variables to an exogenous shock, since these model variables are correlated with the data under-lying the NBER business cycle de–nition. Webb2014)). A more recent instrument based on \military news" questions this result (Ramey and Zubairy, 2024), and the debate on whether scal multipliers are higher in recessions (and thus a countercyclical marginal propensity to consume) is still a vivid one (Auerbach and Gorodnichenko,2012a,Caggiano et al.,2015,Ramey and Zubairy,2024). st joseph secondary school badge in fijiWebbValerie A. Ramey & Sarah Zubairy, 2024. " Government Spending Multipliers in Good Times and in Bad: Evidence from US Historical Data ," Journal of Political Economy, University … st joseph scott city mo

"WebbAcharya, V. V. and S. G. Ryan (2016). Banks’ Financial Reporting and Financial System Stability. Journal of Accounting Research 54(2), 277–340. " - Ramey and zubairy 2018

Ramey and zubairy 2018

Webb1 aug. 2024 · In a seminal paper, Auerbach and Gorodnichenko (2012b) provided empirical evidence suggesting that the government spending multiplier might be larger during recessions, while Ramey and Zubairy (2024) utilized long historical U.S. data and showed that fiscal multipliers exhibited no significant differences during recessions and … Webb2 juli 2024 · Auerbach and Gorodnichenko (2013), Jordà and Taylor (2016), Ramey and Zubairy (2024), as well as Born, Müller, and Pfeifer (2024) among others, also rely on local projections while analyzing fiscal policy. Their focus, however, is on the effects of fiscal policy changes on economic activity.

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Webbfederal receipts to lagged nominal GDP (as in Ramey and Zubairy, 2024), the AMTR is the income-weighted average of the individual marginal tax rates, taken from Barro and Redlick (2011) and available over 1912-2014, and the de cit is total federal expenditures minus total federal receipts as a ratio to nominal GDP (as in Ramey and Zubairy, 2024). WebbValerie A. Ramey University of California, San Diego and NBER Sarah Zubairy Texas A&M University Abstract We investigate whether U.S. government spending multipliers are …

Webb9 juli 2024 · Thanks in large part to last issued tax cuts, U.S. fiscal policy has taken a decidedly procyclical turn—providing stimulus when the financial is waxing. In fact, of projected increase in the federal deficit over the view few years would represent the most procyclical financial policy positioning since the Vietnam War. This matters why … WebbValerie A. Ramey and Sarah Zubairy NBER Working Paper No. 20719 November 2014 JEL No. E52,E62,N12 ABSTRACT This paper investigates whether U.S. government spending …

Webbregime. In Ramey and Zubairy (2024), the baseline results assume that the US econ-omy is in a slack state if the unemployment rate is above 6.5 percent. To check the baseline results, Ramey and Zubairy (2024) conducted various robustness checks using di erent thresholds. To be consistent with the empirical literature, we build on Ramey and Zubairy WebbFollowing Ramey (2016), we illustrate these methods using Gertler and Karadi’s (2015) application, in which they estimate the dynamic causal effect of a monetary policy shock using SVAR-IV, with an instrument that captures the news revealed in

Webb24 okt. 2024 · In a recent paper, Ramey and Zubairy extended the investigation of nonlinearity in a number of directions. One of their key contributions was to use a data set spanning from 1889 to 2013, thus exploiting a substantially larger number of recessions and expansions than previous papers that typically employed time series starting after …

Webbrz-thr-test.R: Using the sup-Wald test in Hansen (2000), it conducts inference for multiple regimes. Main outputs are. rz-threshold.R: Estimates the threshold regression model. Main outputs are. jordagk_llss_newsy.do: Stata do file. We modify the original code from Ramey and Zubairy (2024) to apply the estimated threshold point 11.97. st joseph secondary school suva fijiWebb9 aug. 2024 · Ramey, V.A.; S. Zubairy (2024): Government Spending Multipliers in Good Times and in Bad: Evidence from U.S. Historical Data. Journal of Political Economy 126, 850–901. Ramey V.A. Zubairy S. 2024 Government Spending Multipliers in Good Times and in Bad: Evidence from U.S. Historical Data Journal of Political Economy 126 850 901 … st joseph secondary school mississaugaWebb23 juni 2024 · We demonstrate our testing procedures by considering the estimation of the state-dependent effects of fiscal policy as in Ramey and Zubairy (2024). Keywords: Instrumental Variables, Weak Instruments Test, Multiple Endogenous Regressors, Heteroskedasticity, Serial Correlation st joseph secondary school fiji contactWebbRamey, Valerie A., y Sarah Zubairy, 2024: “Government Spending Multipliers in Good Times and in Bad: Evidence from US Historical Data”, Journal of Political Economy 126 (2): 850–901. st joseph secondary school dar es salaamWebbReferences Angeletos, G., F. Collard, and H. Dellas (2024): “BusinessCycleAnatomy,” AmericanEconomicReview,110(10),3030–3070. Antolín-Díaz, J., and J. F ... st joseph senior behavioral healthWebbValerie A. Ramey and Sarah Zubairy（2024）, “Government Spending Multipliers in Good Times and in Bad: Evidence from US Historical Data”, Journal of Political Economy, 126, 850-901. Oscar Jorda（2005）, “Estimation and Inference of Impulse Responses by Local Projections”, The American Economic Review, 161-182. st joseph senior behavioral health unitWebb(2005) and Ramey and Zubairy (2024) on a panel data set from 18 advanced economies to empiri-cally detect possible non-linearities and asymmetries in the transmission of monetary policy shocks over the business cycle, the credit cycle, and the interest rate cycle. Exploiting the cross-country as st joseph senior secondary school pipariya