Erratum: Fiscal Stimulus and Consumer Debt

2021 ◽  
Vol 103 (1) ◽  
pp. 196-196
Author(s):  
Yuliya Demyanyk ◽  
Elena Loutskina ◽  
Daniel Murphy
Keyword(s):  
Consumer Debt ◽  
Fiscal Stimulus

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.

scholarly journals Fiscal Stimulus and Consumer Debt

2017 ◽  
Author(s):  
Yuliya S. Demyanyk ◽  
Elena Loutskina ◽  
Daniel Patrick Murphy
Keyword(s):  
Consumer Debt ◽  
Fiscal Stimulus

scholarly journals Fiscal Stimulus and Consumer Debt

2016 ◽  
Author(s):  
Yuliya S. Demyanyk ◽  
Elena Loutskina ◽  
Daniel Patrick Murphy
Keyword(s):  
Consumer Debt ◽  
Fiscal Stimulus

Russia’s fiscal stimulus and fiscal sustainability

2013 ◽  
pp. 90-108 ◽  
Author(s):  
N. Akindinova ◽  
N. Kondrashov ◽  
A. Cherniavsky
Keyword(s):  
Government Spending ◽  
Public Expenditure ◽  
Oil Prices ◽  
Fiscal Sustainability ◽  
Macroeconomic Model ◽  
Sharp Drop ◽  
Fiscal Stimulus ◽  
Fiscal Multipliers ◽  
Russian Economy ◽  
The Impact

This study examines the impact of public expenditure on economic growth in Russia. Fiscal multipliers for various items of government spending are calculated by means of our macroeconomic model of the Russian economy. Resources for fiscal stimulus and optimization are analyzed. In this study we assess Russia’s fiscal sustainability in conditions of various levels of oil prices. We conclude that fiscal stimulus is ineffective in Russia, while fiscal sustainability in conditions of a sharp drop in oil prices is relatively low.

Saving Constraints, Debt, and the Credit Market Response to Fiscal Stimulus

2020 ◽  
Author(s):  
Jorge Miranda-Pinto ◽  
Daniel Murphy ◽  
Kieran James Walsh ◽  
Eric R. Young
Keyword(s):  
Credit Market ◽  
Market Response ◽  
Fiscal Stimulus

COVID-19, Fiscal Stimulus, and Credit Ratings

2020 ◽  
Author(s):  
Anuragh Balajee ◽  
Shekhar Tomar ◽  
Gautham Udupa
Keyword(s):  
Credit Ratings ◽  
Fiscal Stimulus
Sign in / Sign up

Export Citation Format

Share Document