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MALİYE POLİTİKALARININ DOĞRUSAL ETKİLERİ VE ETKİNLİĞİ: TEORİ VE AMPİRİK ÇALIŞMALAR ÜZERİNE NOTLAR

Year 2011, Volume: 29 Issue: 1, 101 - 125, 31.07.2011

Serkan Erkam

Abstract

 

Bu çalışmada maliye politikalarının doğrusal etkilerine ilişkin teorik ve ampirik literatür incelenmektedir. Bu amaçla, ilk olarak maliye politikalarının doğrusal etkileri beş temel makro iktisat okulu kapsamında ele alınmaktadır. Daha sonra, politika şokları ile çeşitli makro ekonomik değişkenler arasında doğrusal bir nedensellik olduğunu varsayan VAR modelleri özetlenmektedir. Son olarak, maliye politikalarının doğrusal etkilerini birkaç istisnai durum dışında doğrulayan söz konusu modellerin politika etkinliği konusundaki çelişkili bulguları değerlendirilmektedir.

 

 

Keywords

-

References

  • Ackley, G. (1961) Macroeconomic Theory, New York: The Macmillan Company.
  • Arin, K.P. and F. Koray (2005) “Fiscal Policy and Economic Activity: U.S. Evidence”, CAMA Working Paper Series, WP 9.
  • Badinger, H. (2006) “Fiscal Shocks, Output Dynamics and Macroeconomic Stability: An Empirical Assessment for Austria (1983–2002)”, Empirica, 33, 267–284.
  • Barro, R.J. (1974) “Are Government Bonds Net Wealth?”, Journal of Political Economy, 82, 1095-1117.
  • Barro, R.J. (1989) “The Ricardian Approach to Budget Deficits”, Journal of Economic Perspectives, 3(Spring), 37-54.
  • Bayoumi, T. (2001) “The Morning After: Explaining the Slowdown in Japanese Growth in the 1990s”, Journal of International Economics, 53, 241-259.
  • Blanchard, O.J. and R. Perotti (2002) “An Emprical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output”, Quarterly Journal of Economics, 117, 1329-1368.
  • Blinder, A.S. and R.M. Solow (1973) “Does Fiscal Policy Matter?”, iç.Anthony Atkinson (der), Modern Public Finance, Gower House: Edward Elgar Publishing Limited, 283–298.
  • Caldara, D. and C. Kamps (2008) “What are the Effects of Fiscal Policy Shocks? A VAR Based Comparative Analysis”, ECB Working Paper Series, no. 877.
  • Canzoneri, M., R.Cumby and B. Diba (2002) “Should the European Central Bank and the Federal Reserve be Concerned about Fiscal Policy?”, Rethinking Stabilization Policy, FRB Kansas City Symposium Proceedings.
  • Cerda, R.A., H. Gonzalez and L.F. Lagos (2006) “Is Fiscal Policy Effective? Evidence for an Emerging Economy: Chile 1833-2000”, Applied Economics Letters, 13, 575-580.
  • Chang, T., W. Liuand H. Thompson (2002) “The Viability of Fiscal Policy in South Korea, Taiwan, and Thailand”, International Studies ProgramWorking Paper, 02-09.
  • De Castro, F. and P.H. De Cos (2008) “The Economic Effects of Fiscal Policy: The Case of Spain”, Journal of Macroeconomics, 30, 1005-1028.
  • Edelberg, W., M. Eichenbaum and J.D.M. Fisher (1998) “Understanding the Effects of a Shock to Government Purchases”, NBER Working Paper Series, WP 6737.
  • Eichenbaum, M. and J.D.M. Fisher (2004) “Fiscal Policy in the Aftermath of 9/11”, NBER Working Paper Series, WP 10430.
  • Fatás, A. and L. Mihov (2001) “The Effects of Fiscal Policy on Consumption and Employment: Theory and Evidence”, CEPR Discussion Papers, No. 2760.
  • Fragetta, M. and G. Melina (2010) “The Effects of Fiscal Shocks in SVAR models: A Graphical Modelling Approach”, Birkbeck Working Papers in Economics and Finance, BWPEF 1006.
  • Friedman, M. (1948) “A Monetary and Fiscal Framework for Economic Stability”, The American Economic Review, 38(3), 245–265.
  • Froyen, R.T. (1986) Macroeconomics, New York: Macmillan Publishing Company.
  • Gali, J., D.J. Salido and J. Valles (2005) “Understanding the Effects of Government Spending on Consumption”, NBER Working Papers, No. 11578.
  • Giordano, R., S. Momigliano, S. Neriand and R. Perotti (2007) “The Effects of Fiscal Policy in Italy: Evidence From A VAR Model”, European Journal of Political Economy, 23, 707–733.
  • Hemming, R., M. Kell and S. Mahfouz (2002) “The Effectiveness of Fiscal Policy in Stimulating Economic Activity: A Review of the Literature”, IMF Working Paper, 02/208.
  • Hepke-Falk, K.H., J. Tenhofen and G.B. Wolff (2006) “The Macroeconomic Effects of Exogenous Fiscal Policy Shocks in Germany: A Disaggregated SVAR Analysis”, Deutsche Bundesbank, Discussion Paper Series 1: Economic Studies, No. 41/2006
  • Hur, S.K., (2005) “Measuring the Effectiveness of Fiscal Policy in Korea”, NBER-East Asia Seminar on Economics, 16, 63-93.
  • Krusec, D. (2003) “The Effects of Fiscal Policy on Output in a Structural VEC Model Framework: The Case of Four EMU and Four Non-EMU OECD Countries”, European University Institute, Florence, mimeo.
  • Kuttner, K.N. and A.S. Posen (2002) “Fiscal Policy Effectiveness in Japan”,Journal of the Japanese and International Economies,16, 536-558.
  • Levacic, R. and A. Rebmann (1991) Macroeconomics: An Introduction to Keynesian-Neoclassical Controversies, London: Macmillan Publishers Limited.
  • Mankiw N.G. (1988) “Imperfect Competition and the Keynesian Cross”, (iç.) N. Gregory Mankiw and David Romer (der.), New Keynesian Economics, Cambridge: MIT Press, 377–385.
  • Mountford, A. and H. Uhlig (2009) “What are the Effects of Fiscal Policy Shocks?”, Journal of Applied Econometrics, 24, 960-992.
  • Ott, D.J. and A. Ott (1965) “Budget Balance and Equilibrium Income”, The Journal of Finance, 20(1), 71-77.
  • Perotti, R. (2002) “Estimating The Effects of Fiscal Policy in OECD Countries”, ENERPI Working Paper, 15.
  • Perotti, R. (2007) “In Search of the Transmission Mechanism of Fiscal Policy”, NBER Working Paper Series, WP 13143.
  • Ramey, V. and M.D. Shapiro (1998) “Costly Capital Reallocation and the Effects of Government Spending”, Carnagie Rochester Conference Series on Public Policy, 48, 145-194.
  • Ramey, V. (2007) “Identifying Government Spending Shocks: It’s All in the Timing”, NBER Working Paper Series, WP 15464.
  • Shaw, G.K. (1988) Keynesian Economics: The Permanent Revolution, Aldershot: Edward Elgar Publishing Limited.
  • Silber, W.L. (1970) “Fiscal Policy in IS-LM Analysis: A Correction”, Journal of Money, Credit and Banking, 2(4), 461–472.
  • Snowdon, B. and R.H. Vane (2005) Modern Macroeconomics, Cheltenham: Edward Elgar Publishing Limited.
  • Taylor, J.B. (2000) “Reassessing Discretionary Fiscal Policy”, Journal of Economic Perspectives, 14(3), 21–36.
  • Walker, W.C. (2002) “Ricardian Equivalence and Fiscal Policy Effectiveness in Japan”, Asian Economic Journal, 16(3), 285-302.

Year 2011, Volume: 29 Issue: 1, 101 - 125, 31.07.2011

Serkan Erkam

Abstract

Keywords

Fiscal Policy Keynesian effects Ricardian equivalence multiplier

References

  • Ackley, G. (1961) Macroeconomic Theory, New York: The Macmillan Company.
  • Arin, K.P. and F. Koray (2005) “Fiscal Policy and Economic Activity: U.S. Evidence”, CAMA Working Paper Series, WP 9.
  • Badinger, H. (2006) “Fiscal Shocks, Output Dynamics and Macroeconomic Stability: An Empirical Assessment for Austria (1983–2002)”, Empirica, 33, 267–284.
  • Barro, R.J. (1974) “Are Government Bonds Net Wealth?”, Journal of Political Economy, 82, 1095-1117.
  • Barro, R.J. (1989) “The Ricardian Approach to Budget Deficits”, Journal of Economic Perspectives, 3(Spring), 37-54.
  • Bayoumi, T. (2001) “The Morning After: Explaining the Slowdown in Japanese Growth in the 1990s”, Journal of International Economics, 53, 241-259.
  • Blanchard, O.J. and R. Perotti (2002) “An Emprical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output”, Quarterly Journal of Economics, 117, 1329-1368.
  • Blinder, A.S. and R.M. Solow (1973) “Does Fiscal Policy Matter?”, iç.Anthony Atkinson (der), Modern Public Finance, Gower House: Edward Elgar Publishing Limited, 283–298.
  • Caldara, D. and C. Kamps (2008) “What are the Effects of Fiscal Policy Shocks? A VAR Based Comparative Analysis”, ECB Working Paper Series, no. 877.
  • Canzoneri, M., R.Cumby and B. Diba (2002) “Should the European Central Bank and the Federal Reserve be Concerned about Fiscal Policy?”, Rethinking Stabilization Policy, FRB Kansas City Symposium Proceedings.
  • Cerda, R.A., H. Gonzalez and L.F. Lagos (2006) “Is Fiscal Policy Effective? Evidence for an Emerging Economy: Chile 1833-2000”, Applied Economics Letters, 13, 575-580.
  • Chang, T., W. Liuand H. Thompson (2002) “The Viability of Fiscal Policy in South Korea, Taiwan, and Thailand”, International Studies ProgramWorking Paper, 02-09.
  • De Castro, F. and P.H. De Cos (2008) “The Economic Effects of Fiscal Policy: The Case of Spain”, Journal of Macroeconomics, 30, 1005-1028.
  • Edelberg, W., M. Eichenbaum and J.D.M. Fisher (1998) “Understanding the Effects of a Shock to Government Purchases”, NBER Working Paper Series, WP 6737.
  • Eichenbaum, M. and J.D.M. Fisher (2004) “Fiscal Policy in the Aftermath of 9/11”, NBER Working Paper Series, WP 10430.
  • Fatás, A. and L. Mihov (2001) “The Effects of Fiscal Policy on Consumption and Employment: Theory and Evidence”, CEPR Discussion Papers, No. 2760.
  • Fragetta, M. and G. Melina (2010) “The Effects of Fiscal Shocks in SVAR models: A Graphical Modelling Approach”, Birkbeck Working Papers in Economics and Finance, BWPEF 1006.
  • Friedman, M. (1948) “A Monetary and Fiscal Framework for Economic Stability”, The American Economic Review, 38(3), 245–265.
  • Froyen, R.T. (1986) Macroeconomics, New York: Macmillan Publishing Company.
  • Gali, J., D.J. Salido and J. Valles (2005) “Understanding the Effects of Government Spending on Consumption”, NBER Working Papers, No. 11578.
  • Giordano, R., S. Momigliano, S. Neriand and R. Perotti (2007) “The Effects of Fiscal Policy in Italy: Evidence From A VAR Model”, European Journal of Political Economy, 23, 707–733.
  • Hemming, R., M. Kell and S. Mahfouz (2002) “The Effectiveness of Fiscal Policy in Stimulating Economic Activity: A Review of the Literature”, IMF Working Paper, 02/208.
  • Hepke-Falk, K.H., J. Tenhofen and G.B. Wolff (2006) “The Macroeconomic Effects of Exogenous Fiscal Policy Shocks in Germany: A Disaggregated SVAR Analysis”, Deutsche Bundesbank, Discussion Paper Series 1: Economic Studies, No. 41/2006
  • Hur, S.K., (2005) “Measuring the Effectiveness of Fiscal Policy in Korea”, NBER-East Asia Seminar on Economics, 16, 63-93.
  • Krusec, D. (2003) “The Effects of Fiscal Policy on Output in a Structural VEC Model Framework: The Case of Four EMU and Four Non-EMU OECD Countries”, European University Institute, Florence, mimeo.
  • Kuttner, K.N. and A.S. Posen (2002) “Fiscal Policy Effectiveness in Japan”,Journal of the Japanese and International Economies,16, 536-558.
  • Levacic, R. and A. Rebmann (1991) Macroeconomics: An Introduction to Keynesian-Neoclassical Controversies, London: Macmillan Publishers Limited.
  • Mankiw N.G. (1988) “Imperfect Competition and the Keynesian Cross”, (iç.) N. Gregory Mankiw and David Romer (der.), New Keynesian Economics, Cambridge: MIT Press, 377–385.
  • Mountford, A. and H. Uhlig (2009) “What are the Effects of Fiscal Policy Shocks?”, Journal of Applied Econometrics, 24, 960-992.
  • Ott, D.J. and A. Ott (1965) “Budget Balance and Equilibrium Income”, The Journal of Finance, 20(1), 71-77.
  • Perotti, R. (2002) “Estimating The Effects of Fiscal Policy in OECD Countries”, ENERPI Working Paper, 15.
  • Perotti, R. (2007) “In Search of the Transmission Mechanism of Fiscal Policy”, NBER Working Paper Series, WP 13143.
  • Ramey, V. and M.D. Shapiro (1998) “Costly Capital Reallocation and the Effects of Government Spending”, Carnagie Rochester Conference Series on Public Policy, 48, 145-194.
  • Ramey, V. (2007) “Identifying Government Spending Shocks: It’s All in the Timing”, NBER Working Paper Series, WP 15464.
  • Shaw, G.K. (1988) Keynesian Economics: The Permanent Revolution, Aldershot: Edward Elgar Publishing Limited.
  • Silber, W.L. (1970) “Fiscal Policy in IS-LM Analysis: A Correction”, Journal of Money, Credit and Banking, 2(4), 461–472.
  • Snowdon, B. and R.H. Vane (2005) Modern Macroeconomics, Cheltenham: Edward Elgar Publishing Limited.
  • Taylor, J.B. (2000) “Reassessing Discretionary Fiscal Policy”, Journal of Economic Perspectives, 14(3), 21–36.
  • Walker, W.C. (2002) “Ricardian Equivalence and Fiscal Policy Effectiveness in Japan”, Asian Economic Journal, 16(3), 285-302.
There are 39 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Serkan Erkam

Publication Date July 31, 2011
Submission Date April 16, 2015
Published in Issue Year 2011 Volume: 29 Issue: 1

Cite

APA Erkam, S. (2011). MALİYE POLİTİKALARININ DOĞRUSAL ETKİLERİ VE ETKİNLİĞİ: TEORİ VE AMPİRİK ÇALIŞMALAR ÜZERİNE NOTLAR. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 29(1), 101-125.
AMA Erkam S. MALİYE POLİTİKALARININ DOĞRUSAL ETKİLERİ VE ETKİNLİĞİ: TEORİ VE AMPİRİK ÇALIŞMALAR ÜZERİNE NOTLAR. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. July 2011;29(1):101-125.
Chicago Erkam, Serkan. “MALİYE POLİTİKALARININ DOĞRUSAL ETKİLERİ VE ETKİNLİĞİ: TEORİ VE AMPİRİK ÇALIŞMALAR ÜZERİNE NOTLAR”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 29, no. 1 (July 2011): 101-25.
EndNote Erkam S (July 1, 2011) MALİYE POLİTİKALARININ DOĞRUSAL ETKİLERİ VE ETKİNLİĞİ: TEORİ VE AMPİRİK ÇALIŞMALAR ÜZERİNE NOTLAR. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 29 1 101–125.
IEEE S. Erkam, “MALİYE POLİTİKALARININ DOĞRUSAL ETKİLERİ VE ETKİNLİĞİ: TEORİ VE AMPİRİK ÇALIŞMALAR ÜZERİNE NOTLAR”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 29, no. 1, pp. 101–125, 2011.
ISNAD Erkam, Serkan. “MALİYE POLİTİKALARININ DOĞRUSAL ETKİLERİ VE ETKİNLİĞİ: TEORİ VE AMPİRİK ÇALIŞMALAR ÜZERİNE NOTLAR”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 29/1 (July 2011), 101-125.
JAMA Erkam S. MALİYE POLİTİKALARININ DOĞRUSAL ETKİLERİ VE ETKİNLİĞİ: TEORİ VE AMPİRİK ÇALIŞMALAR ÜZERİNE NOTLAR. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2011;29:101–125.
MLA Erkam, Serkan. “MALİYE POLİTİKALARININ DOĞRUSAL ETKİLERİ VE ETKİNLİĞİ: TEORİ VE AMPİRİK ÇALIŞMALAR ÜZERİNE NOTLAR”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 29, no. 1, 2011, pp. 101-25.
Vancouver Erkam S. MALİYE POLİTİKALARININ DOĞRUSAL ETKİLERİ VE ETKİNLİĞİ: TEORİ VE AMPİRİK ÇALIŞMALAR ÜZERİNE NOTLAR. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2011;29(1):101-25.

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