Dépenses publiques et cycles économiques

Steven Ambler (), Louis Phaneuf and Eric Girard

Annals of Economics and Statistics, 1996, issue 44, 111-134

Abstract: We analyze a stochastic general equilibrium model which incorporates three different types of government expenditure. We calibrate the model and estimate, using US data, the multivariate stochastic process generating the components of public expenditure and the Solow residual. These estimates allow us to evaluate the multiplier effects of fiscal spending in the neoclassical model, when the shocks are as persistent as those observed in the data. We also evaluate the degree to which the multiplier effects depend on how public spending is financed. Then, we simulate the model in order to analyze the impact of public expenditure shocks on the comovements of economic aggregates.

Date: 1996
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Working Paper: Depenses publiques et cycles economiques (1995)
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Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:1996:i:44:p:111-134

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