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Preferences, Government investment, and disbursment sudden stops 6

By: 4 0 16, [, ] | [, ] |

Contributor(s): The Philippine Review of Economic. 53:1 (June2016).pp. 1-18 5 6 [] |

Language: Unknown language code Summary language: Unknown language code Original language: Unknown language code Series: ; 46Edition: Description: Content type: text Media type: unmediated Carrier type: volumeISBN: ISSN: 2Other title: 6 []Uniform titles: | | Related works: 1 40 Lawrence B. Dacuycuy 6 []Subject(s): -- 2 -- 0 -- -- | -- 2 -- 0 -- 6 -- | 2 0 -- | -- -- 20 -- | | -- -- Fiscal Policy -- Disbursement Sudden Stops -- -- | -- -- -- 20 -- --Genre/Form: -- 2 -- Additional physical formats: DDC classification: | LOC classification: | | 2Other classification:

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ABSTRACT : Motivated by a recent fiscal episode in the Philippines, during which a mjor policy iniatiative was launced to counter poor fiscal spending performance, this note explores the properties of a neoclassical model when a structure that introduces shocks to authorized spending alongside unanticipated government investment shocks is integrated into the model. With the possibility of disbursment flow stops as a backdrop, it investigates the role of preference structures using the model of Leeper, Walker and Yang (2010), augmented with some useful features from the fiscal-centric dynamic stochastic general equilibrium (DSGE) model of Coenen, Straub, and Trabandt [2013]. We argue that the two shocks are othogonal, with the former deemed more related to persistent shocks arising from budgetary reforms given trends in disbursement rates. Unlike government consumption, government investments add up to a country's capital stock, which can predictably improve the efficacy of future government investments and consumption. Results indicate that shocks to government investment have systematic effects on output, labor supply, government investment, and government consumption. More importantly, preference structures do matter in evaluating the impact of various shocks. 56

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