Empirical Investigation of Fiscal Policy Shocks in the UK

Kamal, Mona

doi:10.2139/ssrn.1711968

Cited by 2 publications

(1 citation statement)

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“…L ' étude de Kamal (2010) sur les effets macroéconomiques des chocs de la politique budgétaire en Grande Bretagne démontrent l ' efficacité progressive de cette politique sur la croissance dans le court terme et celles de Beetsma et Giuliodori (2011) sur les pays de l ' Union Européen. L ' étude de Daly et Smida (2013) sur l ' interaction des politiques budgétaire et monétaire en Grèce, où la politique monétaire a le rôle principal dans la stabilisation de la conjoncture, notamment par le financement du déficit budgétaire et la gestion monétaire.…”

Section: Revue De La Littératureunclassified

Effets des politiques conjoncturelles sur la croissance économique en Zone franc

Mondesir¹

2021

RIELF

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This article finds its affiliation in the budgetary theory of the price level. It proposes the simultaneous study of cyclical shocks in the Franc Zone, using a structural PVAR model combining activity, prices, a real short-term interest rate, the primary budget balance and the external debt. The effects and transmission times of budgetary and monetary impulses on GDP appear to be differentiated in the two short-term monetary unions. The cyclical components of the BEAC and BCEAO refinancing rates are positively linked to those of the primary deficits in the Franc Zone. Fiscal policies have a negative effect on GDP growth. However, monetary policies produce positive shocks on the development of economic growth in these two monetary unions. It is therefore necessary that the monetary authorities relax the rules of monetary policy by reducing interest rates, which will also revive activity. And governments then have no incentive to increase their deficit.

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Section: Revue De La Littératureunclassified

Effets des politiques conjoncturelles sur la croissance économique en Zone franc

Mondesir¹

2021

RIELF

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Bayesian Estimation of Dynamic Stochastic General Equilibrium Model Using UK Data

Kamal

2011

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This paper applies the Bayesian method to estimate a Dynamic Stochastic General Equilibrium (DSGE) model using quarterly data for the UK over the period from 1971:Q1 through 2009:Q2. The contribution of the paper is two-fold. First, we estimate a model characterised by nominal and real frictions. This estimation allows us to recover the structural parameters of the economy and study the transmission mechanism of a government spending shock. Second, we investigate how the inclusion of fiscal policy rules affect the propagation of shocks and the ability of the model to fit the data. We establish that this inclusion enable the model to fit the data more closely. In addition, it has an impact on the qualitative responses of macroeconomic variables to the government spending shock. Keywords:The transmission mechanism of a government spending shock, Bayesian analysis, (DSGE) model. JEL Classifications: E31, E32, E52, E60.

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Empirical Investigation of Fiscal Policy Shocks in the UK

Cited by 2 publications

References 29 publications

Effets des politiques conjoncturelles sur la croissance économique en Zone franc

Effets des politiques conjoncturelles sur la croissance économique en Zone franc

Bayesian Estimation of Dynamic Stochastic General Equilibrium Model Using UK Data

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