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Estimates of Fiscal Multipliers using MEDSEA

Noel Rapa

No WP/04/2017, CBM Working Papers from Central Bank of Malta

Abstract: This paper documents the fiscal extension to MEDSEA, the Central Bank of Malta DSGE model. The model contains a relatively rich fiscal sector. Decisions made by the agents in the model are affected by distortionary taxes on labour income, capital income and consumption. On the expenditure side, the model distinguishes between public sector expenditure on final goods and services, public investment, public employment as well as transfers to households. The model is used to assess the size of fiscal multipliers in a very open and small open economy such as Malta. Both transitory and permanent shocks are considered. It also allows for changes in the instrument used to finance the change in fiscal policy.

JEL-codes: E62 H63 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge, nep-eec and nep-mac
Date: 2017
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Handle: RePEc:mlt:wpaper:0417