0000000000164056
AUTHOR
Annabelle Mourougane
showing 5 related works from this author
Effects of Fiscal Stimulus in Structural Models
2010
The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of the economy, and for monetary-fiscal policy interactions. Findings are: (i) There is substantial agreement across models on the sizes of fiscal multipliers. (ii) The sizes of spending and targeted transfers multipliers are large. (iii) Fiscal policy is most effective if it has some persistence and if monetary policy accommodates it. (iv) The perception of permanent fiscal stimulus leads to significant…
How Do Institutions Affect Structural Unemployment in Times of Crises?
2012
This paper examines the effect of economic crises on structural unemployment using an Autoregressive Distributed Lags model and accounting for the role of institutional settings on an unbalanced panel of 30 OECD economies from 1960 to 2006. We found that downturns have, on average, a significant positive impact on the level of structural unemployment rate. The maximum impact varies with the severity of the downturn. Institutions (such as employment protection legislation, average replacement ratio and product market regulation) influence both the extent of the initial shock and the adjustment pattern in the aftermath of an economic downturn.
The effect of financial crises on potential output: New empirical evidence from OECD countries
2012
Abstract The aim of this paper is to assess the impact of financial crises on potential output. For this purpose a univariate autoregressive growth equation is estimated on an unbalanced panel of OECD countries over the period 1960–2008. Our results suggest that the occurrence of a financial crisis negatively and permanently affects potential output. In particular, financial crises are estimated to lower potential output by around 1.5–2.4% on average, with most of the impact coming from the effect on capital. The magnitude of the effect increases with the severity of the crisis. These results are robust to the use of an alternative measure of potential output, changes in the methodology and…
Une lecture de la crise à la lumière des crises passées.
2010
19 * Les auteurs sont economiste et economiste principale au Departement des Affaires Economiques de l’OCDE. Ils remercient K. SchmidtHebbel, J. Coppel, B. Cournede, R. Ahrend, V. Koen, J.L. Schneider, L. Willard et beaucoup d’autres collegues, en particulier les responsables pays, pour les commentaires et les discussions fructueuses qu’ils ont eus avec eux. Les auteurs remercient aussi trois referes anonymes pour leur relecture approfondie et leurs suggestions. Ce document n’engage pas l’OCDE ni les pays membres. ECONOMIE
Replication data for: Effects of Fiscal Stimulus in Structural Models
2012
The paper subjects seven structural DSGE models, all used heavily by policymaking institutions, to discretionary fiscal stimulus shocks using seven different fiscal instruments, and compares the results to those of two prominent academic DSGE models. There is considerable agreement across models on both the absolute and relative sizes of different types of fiscal multipliers. The size of many multipliers is large, particularly for spending and targeted transfers. Fiscal policy is most effective if it has moderate persistence and if monetary policy is accommodative. Permanently higher spending or deficits imply significantly lower initial multipliers. (JEL E12, E13, E52, E62)