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Working Paper
Fiscal multipliers in South AfricaWe analyse implications of financial sector dynamics for fiscal expenditure multipliers in recessionary conditions. We employ a stock-and-flow-consistent model for South Africa with four financial instruments and detailed balance sheets for the...
Policy Brief
Policy implications of empirically estimated fiscal multipliers for South AfricaDespite the frequent use of fiscal policy for stabilization purposes, there remains significant uncertainty regarding the impact of fiscal policy decisions on macroeconomic outcomes. This impact is quantified by calculating fiscal multipliers. A...
Policy Brief
Fiscal multipliers and debt dynamics using a DSGE approachMuch of the research on the impact of fiscal policy shocks on macroeconomic outcomes (e.g., fiscal multipliers) uses reduced-form modelling approaches such as vector auto-regressions to obtain empirical results. In a recent study 1 , we used this...
Working Paper
State-dependent fiscal multipliers and financial dynamicsThe aim of this paper is to assess South Africa’s fiscal multiplier across different states of the economy, with a focus on the financial accelerator mechanism of fiscal policy shocks, by estimating impulse response functions from both linear and non...
Working Paper
Empirical estimates of fiscal multipliers for South AfricaDespite the frequent use of fiscal policy for stabilization purposes and the important role fiscal activism has played over the last decade, the size of budgetary multipliers (i.e. the output response following an exogenous shock to fiscal policy)...
Working Paper
A medium-sized, open-economy, fiscal DSGE model of South AfricaMuch of the research on fiscal multipliers has used reduced form modelling approaches. While these models have been extended to include richer controls and identification approaches, it remains unclear whether shocks identified capture the true...
Working Paper
Time-varying fiscal multipliers for South AfricaA critical requirement for efficient fiscal policy is a reliable understanding of its impact on the aggregate economy for different policy instruments and under different economic conditions. Indeed, there is strong evidence to suggest that fiscal...
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