Economic policy uncertainty and government spending multipliers
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作者:
Li, Rong
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机构:
Renmin Univ China, China Financial Policy Res Ctr, Sch Finance, Beijing, Peoples R ChinaRenmin Univ China, China Financial Policy Res Ctr, Sch Finance, Beijing, Peoples R China
Li, Rong
[1
]
Wei, Ning
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机构:
Renmin Univ China, Sch Finance, Beijing, Peoples R ChinaRenmin Univ China, China Financial Policy Res Ctr, Sch Finance, Beijing, Peoples R China
Wei, Ning
[2
]
机构:
[1] Renmin Univ China, China Financial Policy Res Ctr, Sch Finance, Beijing, Peoples R China
[2] Renmin Univ China, Sch Finance, Beijing, Peoples R China
We examine the impact of Economic Policy Uncertainty (EPU) on the effectiveness of government spending using a local projection method with an endogenously determined threshold parameter. The empirical analysis reveals that government spending multipliers are larger during low EPU periods compared to those in high EPU periods. This result is robust when government spending shocks are identified using government spending news constructed based on survey of professional forecasters data. Our study calls for policy expectation management as a company effort together with fiscal stimulus.(c) 2022 Elsevier B.V. All rights reserved.
机构:
Maastricht Univ, Sch Business & Econ, Maastricht, Netherlands
Stat Netherlands, The Hague, NetherlandsMaastricht Univ, Sch Business & Econ, Maastricht, Netherlands
van Gemert, Thomas
Lieb, Lenard
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机构:
Maastricht Univ, Sch Business & Econ, Maastricht, NetherlandsMaastricht Univ, Sch Business & Econ, Maastricht, Netherlands
Lieb, Lenard
Treibich, Tania
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机构:
Maastricht Univ, Sch Business & Econ, Maastricht, Netherlands
OFCE Sci Po, Sophia Antipolis, France
Scuola Super Sant Anna, Inst Econ, Pisa, Italy
Scuola Super Sant Anna, EMbeDS, Pisa, ItalyMaastricht Univ, Sch Business & Econ, Maastricht, Netherlands