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006    m     o  d |       
007    cr cnu|||||||| 
008    200713s2009    xx      o     ||||0 eng d 
020    9781451916331|q(electronic bk.) 
020    |z9781451871982 
035    (MiAaPQ)EBC1608224 
035    (Au-PeEL)EBL1608224 
035    (CaPaEBR)ebr10368916 
035    (OCoLC)870245353 
040    MiAaPQ|beng|erda|epn|cMiAaPQ|dMiAaPQ 
050  4 HB172.5 -- .L454 2009eb 
082 0  338.283945 
100 1  Stehn, Sven Jari 
245 10 Fiscal and Monetary Policy During Downturns :|bEvidence 
       from the G7 
264  1 Washington :|bInternational Monetary Fund,|c2009 
264  4 |c©2009 
300    1 online resource (23 pages) 
336    text|btxt|2rdacontent 
337    computer|bc|2rdamedia 
338    online resource|bcr|2rdacarrier 
490 1  IMF Working Papers 
505 0  Intro -- Contents -- I. Inroduction and Summary -- II. 
       Event-Study Analysis -- A. Data and Methodology -- B. 
       Results -- III. Vector-Autoregression (VAR) Analysis -- A.
       Methodology -- B. Baseline Results -- C. Asymmetry -- D. 
       Policy in Real Time -- IV. Case Study: Have U.S. Tax Cuts 
       Been Timely and Temporary? -- V. Conclusion -- Tables -- 
       1. How Often and Quickly did Fiscal Stimulus Arriva During
       Downturns? -- 2. How Often and Quickly did Fiscal Stimulus
       Arrive During Upturns? -- 3. How Reliable are Preliminary 
       Growth Estimates? -- 4. Legislated Tax Changes During 
       Downturns -- 5. Summary of Countercyclical Tax Changes -- 
       Figures -- 1. How Strongly do Fiscal and Monetary Policy 
       Respond? -- 2. How does the Response Vary Across Fiscal 
       Instruments and G7 Members? -- 3. How Robust is the 
       Response to the Cyclical Indicator? -- 4. Is There a Bias 
       Towards Easing in Downturn? -- 5. Errors in Identifying 
       Negative Growth in the G7 -- 6. Has Policy Erroneously 
       Responded to Perceived Growth Shocks? -- References 
520    This paper analyzes how fiscal and monetary policy 
       typically respond during downturns in G7 countries. It 
       evaluates whether discretionary fiscal responses to 
       downturns are timely and temporary, and compares the 
       response of fiscal policy to that of monetary policy. The 
       results suggest that while responding more weakly and less
       quickly than monetary policy, discretionary fiscal policy 
       is more timely than conventional wisdom would suggest, 
       particularly in "Anglo-Saxon" countries, but the response 
       differs substantially across fiscal instruments. Both 
       fiscal and monetary policy are found to be subject to an 
       easing bias, with more easing during downturns than 
       tightening during upturns; and liable to easing in 
       response to erroneously perceived downturns, many of which
       are subsequently revised to expansions 
588    Description based on publisher supplied metadata and other
       sources 
590    Electronic reproduction. Ann Arbor, Michigan : ProQuest 
       Ebook Central, 2020. Available via World Wide Web. Access 
       may be limited to ProQuest Ebook Central affiliated 
       libraries 
650  0 Fiscal policy.;Monetary policy 
655  4 Electronic books 
700 1  Leigh, Daniel 
776 08 |iPrint version:|aStehn, Sven Jari|tFiscal and Monetary 
       Policy During Downturns : Evidence from the G7|dWashington
       : International Monetary Fund,c2009|z9781451871982 
830  0 IMF Working Papers 
856 40 |uhttps://ebookcentral.proquest.com/lib/sinciatw/
       detail.action?docID=1608224|zClick to View