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http://hdl.handle.net/10419/19670
  

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dc.contributor.authorWolff, Guntram B.en_US
dc.contributor.authorTenhofen, Jörnen_US
dc.contributor.authorHeppke-Falk, Kirsten H.en_US
dc.date.accessioned2009-01-28T16:01:53Z-
dc.date.available2009-01-28T16:01:53Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/19670-
dc.description.abstractWe investigate the short-term effects of fiscal policy shocks on the German economy following the SVAR approach by Blanchard and Perotti (2002). We find that direct government expenditure shocks increase output and private consumption on impact with low statistical significance, while they decrease private investment, though insignificantly. For the sub-category government investment – in contrast to government consumption – a positive output effect is found, which is statistically significant until 12 quarters ahead. Allowing for anticipation effects of fiscal policy does not change the sign of the positive consumption response. Anticipated expenditure shocks have significant effects on output when the shock is realized, but not in the period of anticipation. In sum, effects of expenditure shocks are only short-lived. Government net revenue shocks do not affect output with statistical significance. However, when splitting up this aggregate, direct taxes lower output significantly, while small indirect tax revenue shocks have little effects. Compensation of public employees is equally not effective in stimulating the economy.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2006,41en_US
dc.subject.jelH30en_US
dc.subject.jelE62en_US
dc.subject.ddc330en_US
dc.subject.keywordFiscal policyen_US
dc.subject.keywordgovernment spendingen_US
dc.subject.keywordnet revenueen_US
dc.subject.keywordpolicy anticipationen_US
dc.subject.keywordstructural vector autoregressionen_US
dc.subject.stwFinanzpolitiken_US
dc.subject.stwSchocken_US
dc.subject.stwWirtschaftspolitische Wirkungsanalyseen_US
dc.subject.stwMakroökonomischer Einflussen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleThe macroeconomic effects of exogenous fiscal policy shocks in Germany: a disaggregated SVAR analysisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn521621631en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:5169-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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