Replication data for: Clearing Up the Fiscal Multiplier Morass

Version
1
Resource Type
Dataset
Creator
  • Leeper, Eric M.
  • Traum, Nora
  • Walker, Todd B.
Publication Date
2017-08-01
Description
  • Abstract

    We quantify government spending multipliers in US data using Bayesian prior and posterior analysis of a monetary model with fiscal details and two distinct monetary-fiscal policy regimes. The combination of model specification, observable data, and relatively diffuse priors for some parameters lands posterior estimates in regions of the parameter space that yield fresh perspectives on the transmission mechanisms that underlie government spending multipliers. Short-run output multipliers are comparable across regimes—posterior means around 1.3 on impact—but much larger after 10 years under passive money/active fiscal than under active money/passive fiscal—90 percent credible sets of [1.5, 1.9] versus [0.1, 0.4] in present value, when estimated from 1955 to 2016.
Availability
Download
This study is freely available to the general public via web download.
Relations
  • Is version of
    DOI: 10.3886/E112868
Publications
  • Leeper, Eric M., Nora Traum, and Todd B. Walker. “Clearing Up the Fiscal Multiplier Morass.” American Economic Review 107, no. 8 (August 2017): 2409–54. https://doi.org/10.1257/aer.20111196.
    • ID: 10.1257/aer.20111196 (DOI)

Update Metadata: 2020-11-23 | Issue Number: 1 | Registration Date: 2020-11-23