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Autor:innen: 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Diskussionsbeitrag No. 470
Verlag: 
Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät, Hannover
Zusammenfassung: 
This paper analyses the effects of discretionary fiscal policy by presenting new empirical evidence for Germany within a structural vector autoregression (SVAR) framework. Following Blanchard and Perotti (2002), the SVAR model is identified by applying institutional information. We find no compelling evidence for the effectiveness of discretionary fiscal policy. Cutting taxes does not tend to stabilise the business cycle. Increasing government expenditure has an ambiguous effect on GDP for the basic specification. However, by controlling for the influence of inflation, higher government expenditure does not either tend to stabilise economic activity. The results are robust to various modifications.
Schlagwörter: 
Discretionary fiscal policy
Germany
structural vector autoregression
JEL: 
C32
E62
H30
Dokumentart: 
Working Paper

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