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Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Cardiff Economics Working Papers No. E2018/20
Verlag: 
Cardiff University, Cardiff Business School, Cardiff
Zusammenfassung: 
This paper uses a range of structural VARs to show that the response of US stock prices to fiscal shocks changed in 1980. Over the period 1955-1979 an expansionary spending or revenue shock was associated with modestly higher stock prices. After 1980, along with a decline in the fiscal multiplier, the response of stock prices to the same shock became negative. We use an estimated DSGE model to show that this change is consistent with a switch from an economy characterised by a more active fiscal policy and passive monetary policy to one where fiscal policy was passive and the central bank acted aggressively in response to inflationary shocks.
Schlagwörter: 
Fiscal policy shocks
Stockprices
VAR
DSGE
JEL: 
C5
E1
E5
E6
Dokumentart: 
Working Paper

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