Ekonomická a finančná matematika

Vážení kolegovia,

pozývame Vás na "Bratislava Economic Seminar", ktorý je spoločným projektom CEF FMFI UK, Národnej banky Slovenska a Katedry hospodárskej politky Národohospodárskej fakulty EUBA. Oznámenie o podujatí je v prílohe.

Seminár sa uskutoční uskutoční v stredu 20. marec 2013 o 15:00 v Národnej banke Slovenska, konferečná sála,
ulica Imricha Karvaša 1, Bratislava a jeho náplňou bude prednáška:

Jan Fidrmuc (Brunel University, United Kingdom)
Government Spending Shocks and the Multiplier: New Evidence from the U.S. Based on Natural Disasters

Abstrakt:
The literature on estimating macroeconomic effects of fiscal policy requires suitable instruments to
identify exogenous and unanticipated spending shocks. So far, the instrument of choice has been
military build-ups. This instrument, however, largely limits the analysis to the US as few other
countries have been involved in mainly extraterritorial conflicts. Moreover, the expenditure associated
with military build-ups affects primarily the defense sector so that the resulting multiplier does not
necessarily approximate the effects of changes to general government spending. We propose an
alternative instrument: government relief expenditure in the wake of natural disasters which is more
similar in its scope to general government spending. We construct a rich data set of natural disasters
and the corresponding government responses at the US state level. We apply this methodology both
at the state as well as national levels and show that natural disasters serve as a powerful instrument
for identifying government spending shocks. Furthermore, we show that the multiplier pertaining to
non-defense government spending is higher than the defense-spending multiplier estimated in the
literature using military build-ups.

S pozdravom,
CEF