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Title:Implementable Fiscal Policy Rules PDF Logo
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: Ökonomie der Familie

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