{"id":50785,"date":"2023-12-01T17:29:36","date_gmt":"2023-12-01T16:29:36","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/fiscal-policy-multipliers-and-spillovers-in-a-multi-regional-macroeconomic-input-output-model\/"},"modified":"2024-11-07T05:46:47","modified_gmt":"2024-11-07T04:46:47","slug":"fiscal-policy-multipliers-and-spillovers-in-a-multi-regional-macroeconomic-input-output-model","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/50785\/","title":{"rendered":"Fiscal Policy Multipliers and Spillovers in a Multi-Regional Macroeconomic Input-Output Model"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-50785","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The recent macroeconomic literature dealing with fiscal policy multipliers is dominated by applications of aggregate DSGE (Dynamic Stochastic General Equilibrium) models, whereas multi-sectoral models (econometric input-output or CGE) are absent. This paper contributes to the debate from a multi-regional, multi-sectoral perspective. The macroeconomic input-output model applied covers 67 countries (plus a statistical rest of world) and incorporates model blocks for private consumption, production, the labour market and the public sector. Household consumption follows the permanent income hypothesis, but with important liquidity constraints. This study calculates macroeconomic and sectoral impacts of fiscal policy in one peripheral EU economy (Spain) as well as their inter-regional spillovers to the rest of Europe. Multipliers are about 1.9 for public consumption and 1.2 for household taxes or transfers in the case of high liquidity constraints (1.6 and 0.9, respectively, for low liquidity constraints). Partially endogenous public spending produces additional domestic effects as well as relatively large spillovers for some highly indebted European countries.","onlinedate":"2017-08-22 12:00:00","lang":"English","publication_series":"","publication_date":"20170801","publication_date_year":"","publication_date_full":false,"publication_num_pages":"52","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":369226,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"540","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2017-08-22 12:00:00","types":[44410],"research_groups":[3655,3481],"collaboration":"","persons":[3675,3879],"persons_data":"[{\"personId\":3675,\"personName\":\"Kurt Kratena\",\"organisationNames\":[]},{\"personId\":3879,\"personName\":\"Gerhard Streicher\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Kratena, K.<\\\/span><span>, &amp; Streicher, G.<\\\/span> (2017). <span>Fiscal Policy Multipliers and Spillovers in a Multi-Regional Macroeconomic Input-Output Model<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (540). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/60576\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/60576<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Kratena K<\\\/span><span>, Streicher G<\\\/span>. <span class=\\\"title\\\"><span>Fiscal Policy Multipliers and Spillovers in a Multi-Regional Macroeconomic Input-Output Model<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2017 Aug;(540).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{dfa3d8348e76406587a39946f11dbdfe,<\\\/div><div>  title    = \\\"Fiscal Policy Multipliers and Spillovers in a Multi-Regional Macroeconomic Input-Output Model\\\",<\\\/div><div>  abstract = \\\"The recent macroeconomic literature dealing with fiscal policy multipliers is dominated by applications of aggregate DSGE (Dynamic Stochastic General Equilibrium) models, whereas multi-sectoral models (econometric input-output or CGE) are absent. This paper contributes to the debate from a multi-regional, multi-sectoral perspective. The macroeconomic input-output model applied covers 67 countries (plus a statistical rest of world) and incorporates model blocks for private consumption, production, the labour market and the public sector. Household consumption follows the permanent income hypothesis, but with important liquidity constraints. This study calculates macroeconomic and sectoral impacts of fiscal policy in one peripheral EU economy (Spain) as well as their inter-regional spillovers to the rest of Europe. Multipliers are about 1.9 for public consumption and 1.2 for household taxes or transfers in the case of high liquidity constraints (1.6 and 0.9, respectively, for low liquidity constraints). Partially endogenous public spending produces additional domestic effects as well as relatively large spillovers for some highly indebted European countries.\\\",<\\\/div><div>  author   = \\\"Kurt Kratena and Gerhard Streicher\\\",<\\\/div><div>  note     = \\\"Fiscal Policy Multipliers and Spillovers\\\",<\\\/div><div>  year     = \\\"2017\\\",<\\\/div><div>  month    = aug,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Fiscal Policy Multipliers and Spillovers in a Multi-Regional Macroeconomic Input-Output Model<\\\/p><p>AU  - Kratena, Kurt<\\\/p><p>AU  - Streicher, Gerhard<\\\/p><p>N1  - Fiscal Policy Multipliers and Spillovers<\\\/p><p>PY  - 2017\\\/8<\\\/p><p>Y1  - 2017\\\/8<\\\/p><p>N2  - The recent macroeconomic literature dealing with fiscal policy multipliers is dominated by applications of aggregate DSGE (Dynamic Stochastic General Equilibrium) models, whereas multi-sectoral models (econometric input-output or CGE) are absent. This paper contributes to the debate from a multi-regional, multi-sectoral perspective. The macroeconomic input-output model applied covers 67 countries (plus a statistical rest of world) and incorporates model blocks for private consumption, production, the labour market and the public sector. Household consumption follows the permanent income hypothesis, but with important liquidity constraints. This study calculates macroeconomic and sectoral impacts of fiscal policy in one peripheral EU economy (Spain) as well as their inter-regional spillovers to the rest of Europe. Multipliers are about 1.9 for public consumption and 1.2 for household taxes or transfers in the case of high liquidity constraints (1.6 and 0.9, respectively, for low liquidity constraints). Partially endogenous public spending produces additional domestic effects as well as relatively large spillovers for some highly indebted European countries.<\\\/p><p>AB  - The recent macroeconomic literature dealing with fiscal policy multipliers is dominated by applications of aggregate DSGE (Dynamic Stochastic General Equilibrium) models, whereas multi-sectoral models (econometric input-output or CGE) are absent. This paper contributes to the debate from a multi-regional, multi-sectoral perspective. The macroeconomic input-output model applied covers 67 countries (plus a statistical rest of world) and incorporates model blocks for private consumption, production, the labour market and the public sector. Household consumption follows the permanent income hypothesis, but with important liquidity constraints. This study calculates macroeconomic and sectoral impacts of fiscal policy in one peripheral EU economy (Spain) as well as their inter-regional spillovers to the rest of Europe. Multipliers are about 1.9 for public consumption and 1.2 for household taxes or transfers in the case of high liquidity constraints (1.6 and 0.9, respectively, for low liquidity constraints). Partially endogenous public spending produces additional domestic effects as well as relatively large spillovers for some highly indebted European countries.<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fiscal Policy Multipliers and Spillovers in a Multi-Regional Macroeconomic Input-Output Model - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/50785\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fiscal Policy Multipliers and Spillovers in a Multi-Regional Macroeconomic Input-Output Model\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/50785\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T04:46:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/50785\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/50785\\\/\",\"name\":\"Fiscal Policy Multipliers and Spillovers in a Multi-Regional Macroeconomic Input-Output Model - 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