| Autor: |
Ybrayev, Zhandos, Kubenbayev, Olzhas, Baimagambetov, Akylzhan |
| Zdroj: |
Macroeconomics & Finance in Emerging Market Economies; Jul2024, Vol. 17 Issue 2, p271-294, 24p |
| Abstrakt: |
This paper investigates the macroeconomic consequences of an alternative fiscal rule in the context of commodity price shocks for a commodity-exporting country. We build a DSGE model to explain the business cycle in an oil-exporting economy, estimated using macroeconomic data from Kazakhstan. Our results demonstrate that when fiscal policy is procyclical in response to a transitory negative oil price shock, and if a majority of households are non-Ricardian, then a one standard deviation drop in oil prices causes an output decline of about 0.19%. In contrast, if the fiscal policy is countercyclical and conducted according to the structural balance fiscal rule, output increases by about 0.13% in response to the same shock. We also report that countercyclical fiscal policy is robustly effective when the monetary policy is characterized by its active inflation stabilization framework. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
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