On the properties of various estimators for fiscal reaction functions /
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| Author / Creator: | Celasun, Oya, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, IMF Institute, 2006. |
| Description: | 1 online resource (27 pages). |
| Language: | English |
| Series: | IMF working paper, 2227-8885 ; WP/06/182 IMF working paper ; WP/06/182. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12498983 |
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| 100 | 1 | |a Celasun, Oya, |e author. | |
| 245 | 1 | 0 | |a On the properties of various estimators for fiscal reaction functions / |c prepared by Oya Celasun and Joong Shik Kang. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, IMF Institute, |c 2006. | ||
| 300 | |a 1 online resource (27 pages). | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper, |x 2227-8885 ; |v WP/06/182 | |
| 504 | |a Includes bibliographical references. | ||
| 520 | |a This paper evaluates the bias of the least-squares-with-dummy-variables (LSDV) method in fiscal reaction function estimations. A growing number of studies estimate fiscal policy reaction functions-that is, relationships between the primary fiscal balance and its determinants, including public debt and the output gap. A previously unexplored methodological issue in these estimations is that lagged debt is not a strictly exogenous variable, which biases the LSDV estimator in short panels. We derive the bias analytically to understand its determinants and run Monte Carlo simulations to assess its likely size in empirical work. We find the bias to be smaller than the bias of the LSDV estimator in a comparable autoregressive dynamic panel model and show the LSDV method to outperform a number of alternatives in estimating fiscal reaction functions. | ||
| 506 | |3 Use copy |f Restrictions unspecified |2 star |5 MiAaHDL | ||
| 533 | |a Electronic reproduction. |b [S.l.] : |c HathiTrust Digital Library, |d 2010. |5 MiAaHDL | ||
| 538 | |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |u http://purl.oclc.org/DLF/benchrepro0212 |5 MiAaHDL | ||
| 583 | 1 | |a digitized |c 2010 |h HathiTrust Digital Library |l committed to preserve |2 pda |5 MiAaHDL | |
| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a Contents -- I. INTRODUCTION -- II. BIASES OF ORDINARY-LEAST-SQUARES (OLS) AND LEAST-SQUARES-WITH-DUMMY VARIABLES (LSDV) ESTIMATORS: ANALYTICAL SOLUTIONS -- III. MONTE CARLO EXPERIMENTS -- IV. CONCLUSION -- References | |
| 546 | |a English. | ||
| 650 | 0 | |a Fiscal policy |x Econometric models. | |
| 650 | 0 | |a Finance, Public. |0 http://id.loc.gov/authorities/subjects/sh85048270 | |
| 650 | 6 | |a Politique fiscale |x Modèles économétriques. | |
| 650 | 6 | |a Finances publiques. | |
| 650 | 7 | |a Finance, Public. |2 fast |0 (OCoLC)fst00924477 | |
| 650 | 7 | |a Fiscal policy |x Econometric models. |2 fast |0 (OCoLC)fst00925810 | |
| 655 | 0 | |a Electronic book. | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Shik Kang, Joong, |e author. | |
| 776 | 0 | 8 | |i Print version: |a Celasun, Oya. |t On the properties of various estimators for fiscal reaction functions. |d [Washington, D.C.] : International Monetary Fund, ©2006 |w (OCoLC)169960017 |
| 830 | 0 | |a IMF working paper ; |v WP/06/182. | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2006/182/001.2006.issue-182-en.xml |y INTERNATIONAL MONETARY FUND |
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