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    Macroeconomic impacts of fiscal policy shocks in the UK: A DSGE analysis

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    bhattarai_trzeciakiewicz_2017.pdf (629.4Kb)
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    Publication date
    2017-02
    Author
    Bhattarai, K.
    Trzeciakiewicz, Dawid
    Keyword
    Fiscal policy; DSGE model; UK economy
    Rights
    Reproduced in accordance with the publisher's self-archiving policy. This manuscript version is made available under the CC-BY-NC-ND 4.0 license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
    Peer-Reviewed
    Yes
    
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    Abstract
    This paper develops and estimates a new-Keynesian dynamic stochastic general equilibrium (DSGE) model for the analysis of fiscal policy in the UK. We find that government consumption and investment yield the highest GDP multipliers in the short-run, whereas capital income tax and public investment have dominating effect on GDP in the long-run. When nominal interest rate is at the zero lower bound, consumption taxes and public consumption and investment are found to be the most effective fiscal instruments throughout the analysed horizon, and capital and labour income taxes are established to be the least effective. The paper also shows that the effectiveness of fiscal policy decreases in a small open-economy scenario and that nominal rigidities improve effectiveness of public spending and consumption taxes, whereas decrease that of income taxes.
    URI
    http://hdl.handle.net/10454/11355
    Version
    Accepted manuscript
    Citation
    Bhattarai K and Trzeciakiewicz D (2017) Macroeconomic impacts of fiscal policy shocks in the UK: A DSGE analysis. Economic Modelling. 61: 321-338.
    Link to publisher’s version
    http://dx.doi.org/10.1016/j.econmod.2016.10.012
    Type
    Article
    Collections
    Management and Law Publications

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