The Timing and Persistence of Fiscal Policy Impacts on Growth: Evidence from OECD Countries*

摘要: The literatures testing for aggregate short-run or long-run growth impacts of fiscal policy use quite different methodologies. former generally focuses on temporary ‘shocks’; the latter typically have no dynamics assume homogeneity. We regression methods that treat heterogeneous explicitly within a model. Results suggest previously estimated ‘long-run’ effects are achieved quickly, consistent with results from models. In principle these ‘persist’; in practice regular changes OECD countries mean persistent increases decreases rates rare.