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Policy Effects in the Post Boom U.S. Economy

Policy Effects in the Post Boom U.S. Economy AbstractThe paper analyzes the question why the U.S. economy in the 2000:4--2004:3 period was sluggish in light of the large expansionary fiscal and monetary policies that took place. The answer does not appear to be that there were large structural changes in the economy or systematic bad shocks. This paper tests for such changes and shocks, and the results are generally negative. Instead, the main culprits seem to be large negative effects from declines in the stock market and exports. Although not tested in this paper, some of the decline in exports may be the result of the stock market decline, in which case most of the explanation is simply the stock market decline itself. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The B E Journal of Macroeconomics de Gruyter

Policy Effects in the Post Boom U.S. Economy

Fair, Ray C
The B E Journal of Macroeconomics , Volume 5 (1): 1 – Aug 3, 2005
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Publisher
de Gruyter
Copyright
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
ISSN
1935-1690
eISSN
1534-5998
DOI
10.2202/1534-5998.1302
Publisher site
See Article on Publisher Site

Abstract

AbstractThe paper analyzes the question why the U.S. economy in the 2000:4--2004:3 period was sluggish in light of the large expansionary fiscal and monetary policies that took place. The answer does not appear to be that there were large structural changes in the economy or systematic bad shocks. This paper tests for such changes and shocks, and the results are generally negative. Instead, the main culprits seem to be large negative effects from declines in the stock market and exports. Although not tested in this paper, some of the decline in exports may be the result of the stock market decline, in which case most of the explanation is simply the stock market decline itself.

Journal

The B E Journal of Macroeconomics – de Gruyter

Published: Aug 3, 2005

Keywords: fiscal policy; monetary policy

There are no references for this article.