Matches in SemOpenAlex for { <https://semopenalex.org/work/W3148544795> ?p ?o ?g. }
Showing items 1 to 75 of
75
with 100 items per page.
- W3148544795 abstract "This paper shows that fiscal policy in the U.S. has become ineffective due to lack of coordination between monetary and fiscal policy. We present a New Keynesian model that generates strong output effects of government spending shocks only when monetary policy coordinates well with fiscal policy. Employing the post-war U.S. data, we report strong stimulus effects of fiscal policy during the pre-Volcker era, which rapidly dissipate when we shift the sample period to the post-Volcker era. Finding a negligible role of the real interest rate in the propagation of government spending shocks, we propose an alternative explanation using a consumer sentiment channel. Employing the Survey of Professional Forecasters data, we show that forecasters tend to systematically over-estimate real GDP growth in response to positive innovations in government spending when policies coordinate well with each other. On the other hand, they are likely to formulate pessimistic forecasts when the monetary authority maintains a hawkish stance that conflicts with the fiscal stimulus. The fiscal stimulus, under such circumstances, may generate consumer pessimism, which decreases private spending and ultimately weakens the output effects of fiscal policy. We also provide statistical evidence that confirms an important role of the sentiment channel under different regimes of policy coordination." @default.
- W3148544795 created "2021-04-13" @default.
- W3148544795 creator A5046744046 @default.
- W3148544795 creator A5062676583 @default.
- W3148544795 date "2018-10-01" @default.
- W3148544795 modified "2023-09-26" @default.
- W3148544795 title "Understanding Why Fiscal Stimulus Can Fail through the Lens of the Survey of Professional Forecasters" @default.
- W3148544795 hasPublicationYear "2018" @default.
- W3148544795 type Work @default.
- W3148544795 sameAs 3148544795 @default.
- W3148544795 citedByCount "0" @default.
- W3148544795 crossrefType "posted-content" @default.
- W3148544795 hasAuthorship W3148544795A5046744046 @default.
- W3148544795 hasAuthorship W3148544795A5062676583 @default.
- W3148544795 hasConcept C100243477 @default.
- W3148544795 hasConcept C10688316 @default.
- W3148544795 hasConcept C111472728 @default.
- W3148544795 hasConcept C126285488 @default.
- W3148544795 hasConcept C138885662 @default.
- W3148544795 hasConcept C139719470 @default.
- W3148544795 hasConcept C15744967 @default.
- W3148544795 hasConcept C162324750 @default.
- W3148544795 hasConcept C165556158 @default.
- W3148544795 hasConcept C2776892200 @default.
- W3148544795 hasConcept C2779918689 @default.
- W3148544795 hasConcept C2781356325 @default.
- W3148544795 hasConcept C34447519 @default.
- W3148544795 hasConcept C524878704 @default.
- W3148544795 hasConcept C542102704 @default.
- W3148544795 hasConcept C556758197 @default.
- W3148544795 hasConcept C9992130 @default.
- W3148544795 hasConceptScore W3148544795C100243477 @default.
- W3148544795 hasConceptScore W3148544795C10688316 @default.
- W3148544795 hasConceptScore W3148544795C111472728 @default.
- W3148544795 hasConceptScore W3148544795C126285488 @default.
- W3148544795 hasConceptScore W3148544795C138885662 @default.
- W3148544795 hasConceptScore W3148544795C139719470 @default.
- W3148544795 hasConceptScore W3148544795C15744967 @default.
- W3148544795 hasConceptScore W3148544795C162324750 @default.
- W3148544795 hasConceptScore W3148544795C165556158 @default.
- W3148544795 hasConceptScore W3148544795C2776892200 @default.
- W3148544795 hasConceptScore W3148544795C2779918689 @default.
- W3148544795 hasConceptScore W3148544795C2781356325 @default.
- W3148544795 hasConceptScore W3148544795C34447519 @default.
- W3148544795 hasConceptScore W3148544795C524878704 @default.
- W3148544795 hasConceptScore W3148544795C542102704 @default.
- W3148544795 hasConceptScore W3148544795C556758197 @default.
- W3148544795 hasConceptScore W3148544795C9992130 @default.
- W3148544795 hasLocation W31485447951 @default.
- W3148544795 hasOpenAccess W3148544795 @default.
- W3148544795 hasPrimaryLocation W31485447951 @default.
- W3148544795 hasRelatedWork W1505629504 @default.
- W3148544795 hasRelatedWork W1545664411 @default.
- W3148544795 hasRelatedWork W1588090283 @default.
- W3148544795 hasRelatedWork W1599971615 @default.
- W3148544795 hasRelatedWork W1706204809 @default.
- W3148544795 hasRelatedWork W1768500306 @default.
- W3148544795 hasRelatedWork W1971840442 @default.
- W3148544795 hasRelatedWork W2018795039 @default.
- W3148544795 hasRelatedWork W2047539122 @default.
- W3148544795 hasRelatedWork W2116995893 @default.
- W3148544795 hasRelatedWork W2126240440 @default.
- W3148544795 hasRelatedWork W2269009058 @default.
- W3148544795 hasRelatedWork W2724484283 @default.
- W3148544795 hasRelatedWork W2895304559 @default.
- W3148544795 hasRelatedWork W2944846410 @default.
- W3148544795 hasRelatedWork W2994197049 @default.
- W3148544795 hasRelatedWork W3123014501 @default.
- W3148544795 hasRelatedWork W3125247742 @default.
- W3148544795 hasRelatedWork W3137095400 @default.
- W3148544795 hasRelatedWork W3137451986 @default.
- W3148544795 isParatext "false" @default.
- W3148544795 isRetracted "false" @default.
- W3148544795 magId "3148544795" @default.
- W3148544795 workType "article" @default.