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Jahrestagung des Vereins für Socialpolitik 2010 (Kiel): Ökonomie der Familie >
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http://hdl.handle.net/10419/37264
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| Title: | | Implementable Fiscal Policy Rules  |
| Authors: | | Kliem, Martin Kriwoluzky, Alexander |
| Issue Date: | | 2010 |
| Series/Report no.: | | Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Empirical Analyses of Fiscal Policy B9-V3 |
| Abstract: | | We use a novel procedure to identify fiscal feedback rules for the US: We start by estimating a DSGE model and on that basis compute the Ramsey optimal responses to structural shocks. Then we let the policy maker choose from a general set of rules to match the dynamic behavior of a number of key variables like output, debt, and consumption, in the competitive equilibrium with their corresponding dynamic behavior in the Ramsey equilibrium. In the next step we estimate the model again but employ the contingency derived previously. The policy rules derived are general, not as complex as Ramsey and easily implementable. |
| Subjects: | | Fiscal policy Bayesian model estimation Global Sensitivity Analysis |
| JEL: | | E62 H30 C51 |
| Document Type: | | Conference Paper |
| Appears in Collections: | | Jahrestagung des Vereins für Socialpolitik 2010 (Kiel): Ökonomie der Familie
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