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Página principal > Artículos > Artículos publicados > Multipliers of unexpected increases in military spending : |
Título variante: | Multipliers of unexpected increases in defense spending : an empirical investigation |
Fecha: | 2015 |
Resumen: | We show that unexpected increases in defense and total government spending increase total factor productivity (TFP) and output and decrease investment in US quarterly data. Yet, the output multiplier is zero when the TFP response is shut down. We examine various explanations for this phenomenon and _nd that the rise in TFP is due to the presence of measurement error in quarterly data. Anticipated increases in military spending are not a_ected by the presence of measurement error and induce sizeable multipliers. |
Ayudas: | Ministerio de Economía y Competitividad ECO2012-32392 Agència de Gestió d'Ajuts Universitaris i de Recerca 2009/SGR-00350 |
Derechos: | Tots els drets reservats. |
Lengua: | Anglès |
Documento: | Article ; recerca ; Versió sotmesa a revisió |
Materia: | Defense spending ; Unanticipated defense shocks ; Total factor productivity |
Publicado en: | Journal of economic dynamics & control, Vol. 57 (2015) , p. 205-226, ISSN 0165-1889 |
Preprint 43 p, 1.1 MB |