Greek Fiscal Multipliers Revisited: Government Spending Cuts vs. Tax Hikes and the Role of Public Investment Expenditure

Platon Monokroussos and Dimitrios Thomakos

Chapter 7 in A Financial Crisis Manual, 2015, pp 130-169 from Palgrave Macmillan

Abstract: Abstract The present empirical study estimates regime-dependent fiscal multipliers for a range of key government revenue and expenditure categories in Greece. In more detail, the study employs a Multivariate Threshold Autoregressive Model (TVAR) that has a number of unique features that make it particularly suitable for our empirical analysis. The primary aim of our exercise is to: (i) check the robustness of the results presented in a number of earlier empirical studies; and (ii) take a closer look at certain important government expenditure categories: for instance, public investment outlays that could potentially play a key role in facilitating a return to positive economic growth.

Keywords: Fiscal Policy; Euro Area; Government Spending; Fiscal Balance; Fiscal Stimulus (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-1-137-44830-9_8

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DOI: 10.1057/9781137448309_8

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