Grdović Gnip, Ana (2013) Stabilization effects of fiscal policy in Croatia. In: Young Economist Seminar, 19th DEC, Dubrovnik.
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The aim of this paper is to assess the stabilization effects of fiscal policy in Croatia in a structural vector autoregression framework as proposed by Blanchard and Perotti (2002). Empirical studies of fiscal policy effects show that results are contradictory and do not unanimously agree, except for one fact: a positive government spending shock has a positive effect on output. This study inspects the effects of government spending and tax shocks on a set of macroeconomic variables (output, prices, interest rates, private consumption, private investment, employment and wages). Results prove that the transmission mechanism in Croatia works mainly in a Keynesian manner. Output reacts negatively to a tax shock and positively to government spending shock. The negative effect of the tax shock is mostly driven by indirect (not direct) taxes, while the positive effect of a government spending shock is mostly influenced by government consumption (not government investment).
| Tip objekta: | Materijal konferencije ili radionice (Paper) |
|---|---|
| Mentor: | NIJE ODREĐENO |
| Ključni pojmovi: | fiscal policy, fiscal multiplier, spending shock, tax shock, SVAR, Croatia |
| Teme: | 3 Društvene znanosti > 33 Ekonomija. Ekonomska znanost > 336 Financije. Uključujući: Javne financije. Bankarstvo. Novac > 336.02 Financijska politika. Fiskalna politika |
| Odjeli: | Fakultet ekonomije i turizma "Dr. Mijo Mirković" |
| Datum pohrane: | 20 Feb 2014 07:04 |
| Zadnja promjena: | 20 Feb 2014 07:04 |
| URI: | http://eknjiznica.unipu.hr/id/eprint/3161 |
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