scholarly journals Fiscal Stimulus and Consumer Debt

2019 ◽  
Vol 101 (4) ◽  
pp. 728-741 ◽  
Author(s):  
Yuliya Demyanyk ◽  
Elena Loutskina ◽  
Daniel Murphy
Keyword(s):  
Adverse Effect ◽  
Open Economy ◽  
Department Of Defense ◽  
Defense Spending ◽  
Detailed Data ◽  
Consumer Debt ◽  
Short Term ◽  
Fiscal Stimulus ◽  
Fiscal Multiplier ◽  
Economic Output

In the aftermath of the consumer debt–induced recession, policymakers have questioned whether fiscal stimulus is effective during periods of high consumer indebtedness. This study empirically investigates this question. Using detailed data on Department of Defense spending for the 2007–2009 period, we document that the open-economy relative fiscal multiplier is higher in geographies with higher consumer debt. The results suggest that in the short term (2007–2009), fiscal policy can mitigate the adverse effect of consumer (over)leverage on real economic output during a recession. We then exploit detailed microdata to show that both heterogeneous marginal propensities to consume and slack-driven economic mechanisms contribute to the debt-dependent multiplier.

EFFECTS OF FEEDING A HIGH LEVEL OF TOWER RAPESEED MEAL IN DAIRY RATIONS ON FEED INTAKE AND MILK PRODUCTION

1977 ◽  
Vol 57 (4) ◽  
pp. 653-662 ◽  
Author(s):  
H. R. SHARMA ◽  
J. R. INGALLS ◽  
J. A. MCKIRDY
Keyword(s):  
Adverse Effect ◽  
Milk Production ◽  
Milk Yield ◽  
Feed Intake ◽  
Milk Fat ◽  
Rapeseed Meal ◽  
Feed Consumption ◽  
Short Term ◽  
N Retention ◽  
High Level

In experiment 1, 12 cows were used to compare the two (0–0) rapeseed meal (1788 and Tower) varieties with the commercial rapeseed meal (CRSM) and soybean meal (SBM). Feed intake, milk yield and fat content were not different (P > 0.05) among the four treatments; however, protein content was higher (P < 0.05) for the cows fed CRSM and SBM diets than for those fed the 1788–RSM diet. But more (P < 0.05) milk fat was produced by the cows fed 1788–RSM than by those fed CRSM and SBM diets. In experiment 2, eight cows were used to determine the effects of replacing SBM with Tower and also replacing a portion of Tower with urea (TU) in a mixed or extruded (TUE) form on feed intake, milk yield and nitrogen (N) retention. No differences were observed in feed consumption, milk yield or composition among the treatments. Serum thyroxine (T4) level was higher (P < 0.05) for the cows fed SBM than for those fed the 1788–SBM and was similar to levels for cows fed CRSM and Tower in the first experiment. However, no differences were found in thyroxine level in the second experiment. Extrusion of Tower–urea mixture increased (P < 0.05) the N retention compared with other treatments. These short-term studies suggest that up to 25% Tower RSM can be used in dairy rations without adverse effect on performance.

A Decade After the 2009 Global Recession: Macroeconomic Developments

2021 ◽  
pp. 2150011
Author(s):  
Wee Chian Koh ◽  
Shu Yu
Keyword(s):  
Low Income ◽  
Developing Economies ◽  
Emerging Market ◽  
Bank Lending ◽  
Low Income Countries ◽  
Short Term ◽  
Fiscal Stimulus ◽  
Cross Border ◽  
Global Recession ◽  
The Impact

Emerging market and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals — such as large foreign exchange reserves, sound fiscal positions, and low inflation — suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows — such as portfolio investment and cross-border bank lending — fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns.

scholarly journals Fiscal Stimulus in a Monetary Union: Evidence from US Regions

2014 ◽  
Vol 104 (3) ◽  
pp. 753-792 ◽  
Author(s):  
Emi Nakamura ◽  
Jón Steinsson
Keyword(s):  
Monetary Union ◽  
Open Economy ◽  
Government Spending ◽  
Tax Policy ◽  
Regional Variation ◽  
Historical Data ◽  
Closed Economy ◽  
Fiscal Stimulus ◽  
Highly Sensitive ◽  
Military Procurement

We use rich historical data on military procurement to estimate the effects of government spending. We exploit regional variation in military buildups to estimate an “open economy relative multiplier” of approximately 1.5. We develop a framework for interpreting this estimate and relating it to estimates of the standard closed economy aggregate multiplier. The latter is highly sensitive to how strongly aggregate monetary and tax policy “leans against the wind.” Our open economy relative multiplier “differences out” these effects because monetary and tax policies are uniform across the nation. Our evidence indicates that demand shocks can have large effects on output. (JEL E12, E32, E62, F33, H56, H57, R12)

scholarly journals PENGARUH INFLASI, JUB, SBI, SERTA CADANGAN DEVISA TERHADAP NILAI TUKAR RUPIAH TAHUN 2017-2020

2021 ◽  
Vol 6 (2) ◽  
pp. 60-72
Author(s):  
Duwik Tri Utami ◽  
Fitrah Sari Islami
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Foreign Exchange ◽  
Open Economy ◽  
The United States ◽  
Foreign Exchange Reserves ◽  
Short Term ◽  
The Exchange Rate

Indonesia's economy refers to an open economy. In conducting international trade, countries must compare their currencies with currencies belonging to other countries. Where, the United States currency, namely the dollar, is still the standard of world exchange rates and is used in international transactions. The effect of fluctuations in the exchange rate of the rupiah with the dollar is the occurrence of depreciation or appreciation which will affect Indonesia's economic activities. The purpose of this study is to determine the effect of inflation, the money supply (M2), the SBI interest rate, and foreign exchange reserves on the rupiah exchange rate in the short and long term. The variables that are thought to be able to influence changes in the rupiah exchange rate are the inflation rate, the money supply (M2), the SBI interest rate, and foreign exchange reserves. This research was conducted during January 2017 to December 2020, using the Error Correction Model (ECM). The result is a long-term and short-term relationship. In the short term, foreign exchange reserves and the money supply (M2) significantly affect the exchange rate. Meanwhile, in the long term, the SBI interest rate, money supply (M2), and foreign exchange reserves significantly affect the exchange rate.

scholarly journals Japan

2017 ◽  
Vol 17 (242) ◽  
Author(s):  
Keyword(s):  
Economic Conditions ◽  
Medium Term ◽  
Short Term ◽  
Potential Growth ◽  
Fiscal Stimulus ◽  
Reform Agenda ◽  
Policy Frameworks ◽  
Global Demand ◽  
Key Drivers ◽  
Low Levels

Abenomics has improved economic conditions and engendered structural reforms but has not yet achieved a durable exit from deflation. The economy has expanded at a pace above potential the last five consecutive quarters, and unemployment has fallen to record low levels. Short-term fiscal stimulus and rising global demand have been key drivers. However, inflation, public debt sustainability, and growth objectives remain to be secured. Risks to the outlook are tilted to the downside, particularly in the medium term. The current favorable economic environment is an opportunity to accelerate reforms. A comprehensive and mutually reinforcing package of accelerated structural reform, coordinated demand and income polices, strengthened policy frameworks, and enhanced financial sector policies is needed. The reform agenda should prioritize structural measures aimed at facilitating reflation (particularly labor market reforms to boost wages), followed by policies to lift potential growth.

scholarly journals Impact of temperature variability on childhood allergic rhinitis in a subtropical city of China

2020 ◽  
Author(s):  
Xu Wang ◽  
Jian Cheng ◽  
Li Ling ◽  
Hong Su ◽  
Desheng Zhao ◽  
...  
Keyword(s):  
Adverse Effect ◽  
Allergic Rhinitis ◽  
Temperature Drop ◽  
Temperature Variability ◽  
Effect Of Temperature ◽  
Large Temperature ◽  
Short Term ◽  
Distributed Lag ◽  
Increased Risk ◽  
The Impact

Abstract Background: Many studies have shown an association of childhood respiratory diseases with short-term temperature variability such as diurnal temperature range (DTR) and temperature change between two neighboring days (TCN). However, the impact of temperature variability on allergic rhinitis (AR) has not been investigated so far. This study sought to evaluate the short-term effect of temperature variability (i.e., TCN and DTR) on AR, as well as to identify vulnerable subpopulations. Method: We collected daily data on emergency room visits and outpatients for AR and weather variables in Hefei, China during 2014-2016. A distributed lag non-linear model that controlled for long-term trend and seasonality, mean temperature, relative humidity, day of week was used to fit the associations of AR with DTR and TCN. Stratified analyses by age, sex and occupation were also performed. Results: During the study period, there were a total of 53538 cases and the average values of DTR and TCN were 8.4°C (range: 1.0°C to 21.2°C) and 0°C (range: -12.2°C to 5.9°C), respectively. While we did not observe an adverse effect of DTR on AR, TCN was significantly associated with increased risk of AR. Specifically, a large temperature drop between two adjacent days (3.8°C, 5th percentile of TCN) has a delayed and short-lasting effect on AR, with the estimated relative risk of 1.02 (95% confidence interval: 1.01 to 1.04) at lag 12. Moreover, boys and children older than 15 years seemed to be more vulnerable to the effect of TCN. Conclusions : This study provided evidence of an adverse effect of large temperature drops between two adjacent days on childhood AR. Attention paid to boys and older children may help prevent AR attacks.

Sign in / Sign up

Export Citation Format

Share Document