Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/175751 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
IWH Discussion Papers No. 34/2017
Verlag: 
Leibniz-Institut für Wirtschaftsforschung Halle (IWH), Halle (Saale)
Zusammenfassung: 
In this paper, we analyse the effects of the stimulus packages adopted by the German government during the Great Recession. We employ a standard mediumscale dynamic stochastic general equilibrium (DSGE) model extended by nonoptimising households and a detailed fiscal sector. In particular, the dynamics of spending and revenue variables are modeled as feedback rules with respect to the cyclical component of output. Based on the estimated rules, fiscal shocks are identified. According to the results, fiscal policy, in particular public consumption, investment, transfers and changes in labour tax rates including social security contributions prevented a sharper and prolonged decline of German output at the beginning of the Great Recession, suggesting a timely response of fiscal policy. The overall effects, however, are small when compared to other domestic and international shocks that contributed to the economic downturn. Our overall findings are not sensitive to the allowance of fiscal foresight.
Schlagwörter: 
fiscal policy shocks
DSGE model
Bayesian inference
stimulus packages
JEL: 
C32
E32
E62
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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