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2020-05-18Diskussionspapier DOI: 10.18452/21404
Active, or passive? Revisiting the role of fiscal policy in the Great Inflation
dc.contributor.authorEttmeier, Stephanie
dc.contributor.authorKriwoluzky, Alexander
dc.date.accessioned2020-06-09T09:48:40Z
dc.date.available2020-06-09T09:48:40Z
dc.date.issued2020-05-18none
dc.identifier.urihttp://edoc.hu-berlin.de/18452/22193
dc.description.abstractWe reexamine whether pre-Volcker U.S. fiscal policy was active or passive. To do so, we estimate a DSGE model with monetary and fiscal policy interactions employing a sequential Monte Carlo algorithm (SMC) for posterior evaluation. Unlike existing studies, we do not have to treat each policy regime as distinct, separately estimated, models. Rather, SMC enables us to estimate the DSGE model over its entire Parameter space. A differentiated perspective results: pre-Volcker macroeconomic dynamics were similarly driven by a passive monetary/passive fiscal policy regime and fiscal dominance. Fiscal policy actions, especially government spending, were critical in the pre-Volcker in ation build-up.eng
dc.language.isoengnone
dc.publisherHumboldt-Universität zu Berlin
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/
dc.subjectbayesian analysiseng
dc.subjectDSGE modelseng
dc.subjectmonetary-fiscal policy interactionseng
dc.subjectMonte Carlo methodseng
dc.subject.ddc330 Wirtschaftnone
dc.titleActive, or passive? Revisiting the role of fiscal policy in the Great Inflationnone
dc.typeworkingPaper
dc.identifier.urnurn:nbn:de:kobv:11-110-18452/22193-9
dc.identifier.doihttp://dx.doi.org/10.18452/21404
local.edoc.container-titleWorking Papers of the Priority Programme 1859 – Experience and Expectation. Historical Foundations of Economic Behaviornone
local.edoc.container-creatorAlexander Nützenadel, Jochen Strebnone
local.edoc.pages67none
local.edoc.type-nameDiskussionspapier
local.edoc.institutionPhilosophische Fakultätnone
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume17none
dc.description.versionNot Reviewednone
local.edoc.container-erstkatid2916406-0none

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