Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/19670 
Full metadata record
DC FieldValueLanguage
dc.contributor.authorWolff, Guntram B.en
dc.contributor.authorTenhofen, Jörnen
dc.contributor.authorHeppke-Falk, Kirsten H.en
dc.date.accessioned2009-01-28T16:01:53Z-
dc.date.available2009-01-28T16:01:53Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/19670-
dc.description.abstractWe investigate the short-term effects of fiscal policy shocks on the German economy following the SVAR approach by Blanchard and Perotti (2002). We find that direct government expenditure shocks increase output and private consumption on impact with low statistical significance, while they decrease private investment, though insignificantly. For the sub-category government investment - in contrast to government consumption - a positive output effect is found, which is statistically significant until 12 quarters ahead. Allowing for anticipation effects of fiscal policy does not change the sign of the positive consumption response. Anticipated expenditure shocks have significant effects on output when the shock is realized, but not in the period of anticipation. In sum, effects of expenditure shocks are only short-lived. Government net revenue shocks do not affect output with statistical significance. However, when splitting up this aggregate, direct taxes lower output significantly, while small indirect tax revenue shocks have little effects. Compensation of public employees is equally not effective in stimulating the economy.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2006,41en
dc.subject.jelH30en
dc.subject.jelE62en
dc.subject.ddc330en
dc.subject.keywordFiscal policyen
dc.subject.keywordgovernment spendingen
dc.subject.keywordnet revenueen
dc.subject.keywordpolicy anticipationen
dc.subject.keywordstructural vector autoregressionen
dc.subject.stwFinanzpolitiken
dc.subject.stwSchocken
dc.subject.stwWirtschaftspolitische Wirkungsanalyseen
dc.subject.stwMakroökonomischer Einflussen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleThe macroeconomic effects of exogenous fiscal policy shocks in Germany: a disaggregated SVAR analysis-
dc.typeWorking Paperen
dc.identifier.ppn521621631en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:5169en

Files in This Item:
File
Size
457.51 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.