Ten Years After the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research?
Valerie Ramey ()
University of California at San Diego, Economics Working Paper Series from Department of Economics, UC San Diego
This paper takes stock of what we have learned from the “Renaissance” in fiscal research in the ten years since the financial crisis. I first discuss the new innovations in methodology and various strengths and weaknesses of the main approaches to estimating fiscal multipliers. Reviewing the estimates, I come to the surprising conclusion that the bulk of the estimates for average spending and tax change multipliers lie in a fairly narrow range, 0.6 to 1 for spending multipliers and -2 to -3 for tax change multipliers. However, I identify economic circumstances in which multipliers lie outside those ranges. Finally, I review the debate on whether multipliers were higher for the 2009 Obama stimulus spending in the United States or for fiscal consolidations in Europe.
Keywords: Economics (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed
Downloads: (external link)
Journal Article: Ten Years after the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research? (2019)
Working Paper: Ten Years after the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research? (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:cdl:ucsdec:qt6cd687wc
Access Statistics for this paper
More papers in University of California at San Diego, Economics Working Paper Series from Department of Economics, UC San Diego Contact information at EDIRC.
Bibliographic data for series maintained by Lisa Schiff ().