Change search
ReferencesLink to record
Permanent link

Direct link
Essays on Empirical Macroeconomics
Stockholm University, Faculty of Social Sciences, Department of Economics. Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
2011 (English)Doctoral thesis, monograph (Other academic)
Abstract [en]

This thesis consists of four essays in empirical macroeconomics.

What Are the Effects of Fiscal Policy Shocks? A VAR-Based Comparative Analysis

The literature using structural vector autoregressions (SVARs) to assess the effects of fiscal policy shocks strongly disagrees on the qualitative and quantitative response of key macroeconomic variables. We find that controlling for differences in specification of the reduced-form model, all identification approaches used in the literature yield similar results regarding the effects of government spending shocks, but diverging results regarding the effects of tax shocks.

The Analytics of SVARs. A Unified Framework to Measure Fiscal Multipliers

Does fiscal policy stimulate output? SVARs have been used to address this question, but no stylized facts have emerged. I show that different priors about the output elasticities of tax revenue and government expenditures implied by the identification schemes generate a large dispersion in the estimates of tax and spending multipliers. I estimate fiscal multipliers consistent with prior distributions of the elasticities computed by a variety of empirical strategies. I document that in the U.S. spending multipliers are larger than the tax multipliers.

Computing DSGE Models with Recursive Preferences and Stochastic Volatility

This paper compares solution methods for computing the equilibrium of dynamic stochastic general equilibrium models with recursive preferences and stochastic volatility. The main finding is that a third-order perturbation is competitive in terms of accuracy with Chebyshev polynomials and value function iteration, while being an order of magnitude faster to run.

Business Cycle Accounting and Misspecified DSGE Models

This paper investigates how insights from the literature on business cycle accounting can be used to trace out the implications of missing channels in a baseline estimated dynamic stochastic general equilibrium model used for forecast and policy analysis.

Place, publisher, year, edition, pages
Stockholm: Department of Economics, Stockholm University , 2011. , 256 p.
Monograph series / Institute for International Economic Studies, University of Stockholm, ISSN 0346-6892 ; 71
Keyword [en]
Fiscal Policy, Identification, Vector Autoregression, Recursive Preferences, Perturbation, DSGE Models, Business Cycle Accounting
National Category
Research subject
URN: urn:nbn:se:su:diva-55463ISBN: 978-91-7447-261-5 (print)OAI: diva2:404246
Public defence
2011-05-26, Nordenskiöldsalen, Geovetenskapens hus, Svante Arrhenius väg 12, Stockholm, 10:00 (English)
Available from: 2011-05-04 Created: 2011-03-16 Last updated: 2011-04-14Bibliographically approved

Open Access in DiVA

fulltext(2438 kB)874 downloads
File information
File name FULLTEXT01.pdfFile size 2438 kBChecksum SHA-512
Type fulltextMimetype application/pdf

Search in DiVA

By author/editor
Caldara, Dario
By organisation
Department of EconomicsInstitute for International Economic Studies

Search outside of DiVA

GoogleGoogle Scholar
Total: 874 downloads
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

Total: 907 hits
ReferencesLink to record
Permanent link

Direct link