| « Hans-Werner Sinn is heavily against Eurobonds | Marc Faber: insightful remarks about asset bubble origins » |
Uncertainty about the fiscal policy direction has a major economic impact, a new study finds
08/29/11
06:14:32 am, by editor of MarketObservation.com 
, 147 words 
Categories: Economics United States, Economics Global
"We study the effects of changes in uncertainty about future scal policy on aggregate economic activity. Fiscal defcits and public debt have risen sharply in the wake of the financial crisis. While these developments make scal consolidation inevitable, there is considerable uncertainty about the policy mix and timing of such budgetary adjustment. To evaluate the consequences of this increased uncertainty, we first estimate tax and spending processes for the U.S. that allow for time-varying volatility. We then feed these processes into an otherwise standard New Keynesian business cycle model calibrated to the U.S. economy. We find that fiscal volatility shocks have an adverse effect on economic activity that is comparable to the effects of a 25-basis-point innovation in the federal funds rate."
Keywords: Uncertainty, Fiscal Policy, Monetary Policy
XML Feeds
http://feed.mikle.com/
________________________________________________________________________________________________________
_________________________________________________________________________________
Recommended search items and names(click on terms):
BIS Quarterly Review, Case Shiller Index, IFO Outlook, Institute for Supply Management, Michigan Consumer Sentiment Index, Philadelphia Fed Regional Index,ECONOMIC INDICATORS AND OUTLOOKS (click on names):
George A. Akerlof, Bernanke, Olivier Blanchard, Alan S. Blinder, Buffett, Tyler Cowen, Niall Ferguson, Bruno S. Frey, Milton Friedman, Herb Greenberg, Greenspan, Michael Jensen, L.S. Karp, Charles Kindleberger, Krugman, Gregory Mankiw, Robert C. Merton, Nouriel Roubini, Kenneth Rogoff, Carmen Reinhart, David Rubenstein, Schumpeter, Anna Schwartz, Amartya Sen, Robert J. Shiller, Jeremy Siegel, Hans-Werner Sinn, George Soros, Joseph Stiglitz, Paul Volcker, Martin Wolf, Janet Yellen, Luigi Zingales, _________________________________________________________________________________RECOMMENDED SEARCH NAMES(click on names):
________________________________________________________________________________________________________
_________________________________________________________________________________
LEADING ECONOMISTS DEBATE THE CRISIS:
BLOGROLL
ECONOMICS AND BUSINESS:ECONOMICS, LAW AND POLITICS:
- Argmax
- Atlanta Fed Macro Blog
- austrianeconomists
- The Becker Posner Blog
- Grasping Reality with both hands
- The Big Picture
- Brookings Institution - Economics
- Calculated Risk Blogspot
- Chicago Boyz
- Chicago GSB Faculty Blog
- City Economist
- Coyote Blog: Dispatches from a small Business
- Conscious of a Liberal
- The Curious Capitalist (Time CNN)
- Econbrowser
- Econlog
- Economist's view
- Economics Roundtable
- Euro Area Blog
- Fama/French Forum
- Freakonomics
- Eurointelligence
- Jeffrey Frankels Weblog
- Group of Thirty
- Institute for Int'l Economics
- Institutional Economics
- Japanese Institute of Global Communication (GLOCOM)
- Knowledge Wharton
- MarginalRevolution
- Asymmetrical Information
- MISH'S Global Economic Trend Analysis
- Morgan Stanley Global Economic Forum:
- Naked Capitalism
- New Economist
- Newmark's Door
- Princeton University Press Blog
- RGE Monitor
- PSDBlog(Worldbank)
- The Knowledge Problem:
- The Mess That Greenspan Made
- Oekonomenstimme.org
- Ordnungspolitik.ch
- VOX
- World Economic Forum Weblog
_________________________________________________________________________________ECONOMIES:
STATISTICS SOURCES:
- Econometric Laboratory UC Berkeley
- Dataranking.com: Economic and social Data Ranking
- International Economic Growth Data Set (many useful statistics links, University of Bristol)
- Nationmaster (comprehensive country stat. data)
- US Dept. of Labor: Bureau of Labor Statistics
- US Govt Business Statistics
- US Regional Economic Data
- EuroStat: comprehensive European Statistical Data
- Metrics 2.0: Business & Market Intelligence
- RBA: huge Number of Links to Statistical Sources
- Various Links to Statistical Pages
- Ireland Business Facts (incl. economic Global Data)
ECONOMIC OUTLOOK:
- Census Bureau (US)
- International Economic Indicators
- Moody's
- Standard & Poor's
- Statistisches Bundesamt (Germany)
- UK Government Treasury
- White House
- World Economic Outlook (IMF)
THINK TANKS:
- Think Tanks (Alphabetical Order)
- Avenir Suisse
- Deutsche Gesellschaft für auswärtige Politik
- European Institute of Interdisciplinary Research
- Council on Foreign Relations
- Globalisation Institute
- Hoover Institution
- Swiss Institute for International Studies
- Freilich: Liberal Swiss Weblog
- Think Tanks and Public Interest Org. (US)
GLOBALIZATION:
- Carnegie Endowment: Globalization (Learning Tool)
- Dani Rodik (Harvard Prof. on Globalization)
- How to save globalization from its cheer leaders, Dani Rodrik (Harvard)
- Emory: The Globalization Website
- Global Envision
- The Globalist
- Harvard: Global Trade Negotiations Homepage
- International Forum on Globalization
- Internationale Politik (DGAP)
- OECD Economics Department
- UCLA: The Globalization Research Center Africa
- Worldbank: Globalization
- WTO
- YaleGlobal Online
LINKS TO SELECTED WORKING PAPER SITES:
- Berkeley: BRIE Working Papers
- Berkeley Finance: Working Papers
- Cambridge CBR: Publications
- Chicago GSB: Working Papers
- Columbia Business: e-Library
- Cornell Business: Research (SSRN)
- Dartmouth: Working Papers
- Duke: Faculty & Research
- ECGI
- ESADE: Faculty & Research
- Harvard: Faculty Publications
- IESE Business: Research
- INSEAD: Libraries
- Institute of European Studies (Berkeley)
- Kellogg: Faculty Publications
- Kiel Institute for the World Economy - Publications
- IMD: Working Papers
- London Business: Faculty Research
- Manchester Business: Research
- Michigan Business: Working Papers
- MIT Sloan: Papers
- NYU Business: Library
- Stanford GSB: Research Papers
- St. Gall: Publications
- Wharton (UPenn): Research Papers
- Reserve Bank of Australia: Publications & Research
- German Fed: Discussion Papers
- Bank of England: Working Papers
- European Central Bank: Working Papers
- US Federal Reserve Board: Economic Research and Data
- Banque France: Publications and Research
- Swiss National Bank: Working Papers
- Atlanta Fed
- Boston Fed
- Chicago Fed
- Cleveland Fed
- Dallas Fed
- Minneapolis Fed
- New York Fed
- Philadelphia Fed
- San Francisco Fed
- St. Louis Fed
_________________________________________________________________________________TAXES:
