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Fiscal and monetary policy during downturns : evidence from the G7
Leigh, Daniel (Author), Stehn, Sven Jari (Author)

URLURL - Presentation file, Visit http://www.imf.org/external/pubs/ft/wp/2009/wp0950.pdf This link opens in a new window

Abstract
This paper analyzes how fiscal and monetary policy typically respond during downturns in G7 countries. It evaluates whether discretionary fiscal responses to downturns are timely and temporary, and compares the response of fiscal policy to that of monetary policy. The results suggest that while responding more weakly and less quickly than monetary policy, discretionary fiscal policy is more timely than conventional wisdom would suggest, particularly in "Anglo-Saxon" countries, but the response differs substantially across fiscal instruments. Both fiscal and monetary policy are found to be subject to an easing bias, with more easing during downturns than tightening during upturns; and liable to easing in response to erroneously perceived downturns, many of which are subsequently revised to expansions.

Language:English
Keywords:razvite dežele, monetarna politika, fiskalna politika, stabilizacija, vlada, dohodek, odhodek, bilance, developed countries, monetary policy, fiscal policy, stabilization, government, income, expenses, balances
Work type:Not categorized (r6)
Organization:EF - Faculty of Economics
Year:2009
Publisher:International Monetary Fund
Number of pages:21 str.
Place:[Washington (D.C.)]
UDC:336.74
COBISS.SI-ID:19274726 Link is opened in a new window
Views:488
Downloads:159
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