Fiscal policy and business cycle characteristics in a heterogeneous agent macro model

Neveu, Andre R.

doi:10.1016/j.jebo.2013.06.006

Cited by 34 publications

(8 citation statements)

References 36 publications

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“…Furthermore, the size of the fiscal multiplier is time-varying and is largest in the downturn several periods after the shock. Neveu (2013) uses a model, which in structure is similar to that of Russo et al (2007), however with a slightly different fiscal setup. Fiscal revenues are generated by a combination of a corporate profit tax and an progressive income tax and are spent partly on unemployment benefits and partly on R&D subsidies for firms, which are distributed across firms proportionally to last period profits.…”

Section: Fiscal Policymentioning

confidence: 99%

“…Similarly to Neveu (2013), also Harting (2015) studies the implications of different fiscal responses to downturns on the growth rate and volatility of the economy. In the framework of an extended version of the Eurace@Unibi model (EUBI) the following three scenarios are compared, where in each a special fiscal policy is activated once the growth rate of output drops below a given threshold.…”

Section: Fiscal Policymentioning

confidence: 99%

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Agent-Based Macroeconomics

Dawid

Gatti

2018

SSRN Journal

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This chapter surveys work dedicated to macroeconomic analysis using an agentbased modeling approach. After a short review of the origins and general characteristics of this approach a systemic comparison of the structure and modeling assumptions of a set of important (families of) agent-based macroeconomic models is provided. The comparison highlights substantial similarities between the different models, thereby identifying what could be considered an emerging common core of macroeconomic agent-based modeling. In the second part of the chapter agent-based macroeconomic research in different domains of economic policy is reviewed.

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Section: Fiscal Policymentioning

confidence: 99%

Section: Fiscal Policymentioning

confidence: 99%

Agent-Based Macroeconomics

Dawid

Gatti

2018

SSRN Journal

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“…The effect of discretionary stabilization policies that are specifically applied to stabilize the economy during downturns is analyzed in Neveu (2013), which can therefore be considered as a related agent-based contribution to the present study. In this paper, the effect of a fiscal stimulation through government spendings is compared with tax cuts that are either accompanied by fiscal cuts or not.…”

Section: Stabilization Policies and Long-term Growth In The Literaturementioning

confidence: 99%

Macroeconomic Stabilization and Long-Term Growth: The Role of Policy Design

Harting

2019

Macroecon. Dynam.

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Do fiscal stabilization policies affect the long-term growth of the economy? If so, are the long-term effects growth enhancing or growth reducing? When addressing these questions from a theoretical perspective, the literature has typically emphasized the importance of structural aspects such as the modeling approach of endogenous technological change while paying less attention to an elaborate design of the considered fiscal stabilization policies. This paper uses an agent-based macroeconomic model that generates endogenous business cycles to emphasize the role of the policy design for long-term growth effects of stabilization policies. By comparing a demand-oriented consumption policy and two different investment subsidizing policies, it can be shown that these policies are successful in smoothing the business cycle but differ in terms of their effects on economic long-term growth. This highlights the importance of policy design for the analysis of long-term effects of stabilization policies.

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“…v Recent application of non-parametric techniques is found, for example, in Neveu (2013) viii Cf. for example, Baxter and King (1999) choosing business cycle lengths of six to 32 quarters.…”

Section: Endnotesmentioning

confidence: 99%

Disentangling Irregular Cycles in Economic Time Series

Schober

Woll

2015

SSRN Journal

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Die Dis cus si on Pape rs die nen einer mög lichst schnel len Ver brei tung von neue ren For schungs arbei ten des ZEW. Die Bei trä ge lie gen in allei ni ger Ver ant wor tung der Auto ren und stel len nicht not wen di ger wei se die Mei nung des ZEW dar.Dis cus si on Papers are inten ded to make results of ZEW research prompt ly avai la ble to other eco no mists in order to encou ra ge dis cus si on and sug gesti ons for revi si ons. The aut hors are sole ly respon si ble for the con tents which do not neces sa ri ly repre sent the opi ni on of the ZEW. Disentangling Irregular Cycles in Economic Time AbstractCycles play an important role when analyzing market phenomena. In many markets, both overlaying (weekly, seasonal or business cycles) and time-varying cycles (e.g. asymmetric lengths of peak and off peak or variation of business cycle length) exist simultaneously.Identification of these market cycles is crucial and no standard detection procedure exists to disentangle them. We introduce and investigate an adaptation of an endogenous structural break test for detecting at the same time simultaneously overlaying as well as time-varying cycles. This is useful for growth or business cycle analysis as well as for analysis of complex strategic behavior and short-term dynamics.

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Fiscal policy and business cycle characteristics in a heterogeneous agent macro model

Cited by 34 publications

References 36 publications

Agent-Based Macroeconomics

Agent-Based Macroeconomics

Macroeconomic Stabilization and Long-Term Growth: The Role of Policy Design

Disentangling Irregular Cycles in Economic Time Series

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