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Ten Years after the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research?

Valerie Ramey ()

No 25531, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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 summarize the new innovations in methodology and discuss the various strengths and weaknesses of the main approaches. 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. I conclude by reviewing the debate on whether multipliers were higher on the stimulus spending in the U.S. and the fiscal consolidations in Europe.

JEL-codes: E62 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe and nep-mac
Date: 2019-02
Note: EFG ME
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Published as Valerie A. Ramey, 2019. "Ten Years After the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research?," Journal of Economic Perspectives, vol 33(2), pages 89-114.

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