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

Principal Investigator(s): View help for Principal Investigator(s) Valerie A. Ramey

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Project Citation:

Ramey, Valerie A. Replication data for: Ten Years after the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research? Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114033V1

Project Description

Summary: 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.

Scope of Project

JEL Classification:
      E32 Business Fluctuations; Cycles
      E43 Interest Rates: Determination, Term Structure, and Effects
      E44 Financial Markets and the Macroeconomy
      E62 Fiscal Policy
      G01 Financial Crises

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V1 [2019-10-12]

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