Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/19670
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dc.contributor.authorWolff, Guntram B.en_US
dc.contributor.authorTenhofen, Jörnen_US
dc.contributor.authorHeppke-Falk, Kirsten H.en_US
dc.date.accessioned2009-01-28T16:01:53Z-
dc.date.available2009-01-28T16:01:53Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/19670-
dc.description.abstractWe investigate the short-term effects of fiscal policy shocks on the Germaneconomy following the SVAR approach by Blanchard and Perotti (2002). Wefind that direct government expenditure shocks increase output and privateconsumption on impact with low statistical significance, while they decreaseprivate investment, though insignificantly. For the sub-category governmentinvestment – in contrast to government consumption – a positive output effectis found, which is statistically significant until 12 quarters ahead. Allowingfor anticipation effects of fiscal policy does not change the sign of the positiveconsumption response. Anticipated expenditure shocks have significant effectson output when the shock is realized, but not in the period of anticipation.In sum, effects of expenditure shocks are only short-lived. Government netrevenue shocks do not affect output with statistical significance. However,when splitting up this aggregate, direct taxes lower output significantly, whilesmall indirect tax revenue shocks have little effects. Compensation of publicemployees is equally not effective in stimulating the economy.en_US
dc.language.isoengen_US
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.-
dc.relation.ispartofseries|aDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank |x2006,41en_US
dc.subject.jelH30en_US
dc.subject.jelE62en_US
dc.subject.ddc330en_US
dc.subject.keywordFiscal policyen_US
dc.subject.keywordgovernment spendingen_US
dc.subject.keywordnet revenueen_US
dc.subject.keywordpolicy anticipationen_US
dc.subject.keywordstructural vector autoregressionen_US
dc.subject.stwFinanzpolitiken_US
dc.subject.stwSchocken_US
dc.subject.stwWirtschaftspolitische Wirkungsanalyseen_US
dc.subject.stwMakroökonomischer Einflussen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleThe macroeconomic effects of exogenous fiscal policy shocks in Germany: a disaggregated SVAR analysisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn521621631en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:5169-

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