Replication data for: Clearing Up the Fiscal Multiplier Morass

Name: Replication data for: Clearing Up the Fiscal Multiplier Morass
Published: 2017-08-01
License: This work is licensed under an Other license created by the data depositor. Please refer to the LICENSE file, which should be located alongside the project data and documentation.
Keywords: fiscal policy

Principal Investigator(s): View help for Principal Investigator(s) Eric M. Leeper; Nora Traum; Todd B. Walker

Version: View help for Version V1

Name	File Type	Size	Last Modified
replication-files			10/19/2021 03:06:PM
LICENSE.txt	text/plain	14.6 KB	10/11/2019 07:20:PM

Project Citation:

Leeper, Eric M., Traum, Nora, and Walker, Todd B. Replication data for: Clearing Up the Fiscal Multiplier Morass. Nashville, TN: American Economic Association [publisher], 2017. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112868V1

Project Description

Summary: We quantify government spending multipliers in US data using Bayesian prior and posterior analysis of a monetary model with fiscal details and two distinct monetary-fiscal policy regimes. The combination of model specification, observable data, and relatively diffuse priors for some parameters lands posterior estimates in regions of the parameter space that yield fresh perspectives on the transmission mechanisms that underlie government spending multipliers. Short-run output multipliers are comparable across regimes—posterior means around 1.3 on impact—but much larger after 10 years under passive money/active fiscal than under active money/passive fiscal—90 percent credible sets of [1.5, 1.9] versus [0.1, 0.4] in present value, when estimated from 1955 to 2016.

Scope of Project

Subject Terms: fiscal policy

JEL Classification:
      E52 Monetary Policy
      E62 Fiscal Policy
      E63 Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
      H50 National Government Expenditures and Related Policies: General

Geographic Coverage: United States

Time Period(s): 1955 – 2014

Data Type(s): aggregate data

Methodology

Data Source: See Appendix documentation

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Published Versions

V1 [2019-10-11]

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