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2016•Toulouse Capitole Publications (University Toulouse 1 Capitole)Requires access

An Analytical Characterization of Noisy Fiscal Policy

Patrick Fève, Tannous Kass-Hanna, Mario Pietrunti

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Abstract

This paper provides an analytical characterization of the effects of noisy news shocks on fiscal policy. We consider a small-scale Dynamic Stochastic General Equilibrium (DSGE) model with capital accumulation and endogenous labor supply and show that noise dampens the propagation of anticipated fiscal policy over the business cycle, thus reducing the fiscal multiplier.

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This paper provides an analytical characterization of the effects of noisy news shocks on fiscal policy. We consider a small-scale Dynamic Stochastic General Equilibrium (DSGE) model with capital accumulation and endogenous labor supply and show that noise dampens the propagation of anticipated fiscal policy over the business cycle, thus reducing the fiscal multiplier.

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Available abstract

This paper provides an analytical characterization of the effects of noisy news shocks on fiscal policy. We consider a small-scale Dynamic Stochastic General Equilibrium (DSGE) model with capital accumulation and endogenous labor supply and show that noise dampens the propagation of anticipated fiscal policy over the business cycle, thus reducing the fiscal multiplier.

Key concepts: Dynamic stochastic general equilibrium, Fiscal policy, Economics, Business cycle, Macroeconomics, Fiscal multiplier, Monetary economics, Capital (architecture)

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