Liberating Supply-Fiscal Policy and Technological innovation in a Multicountry Model
- Mr.Tamim Bayoumi
- Mr.David T. Coe
- Mr.Douglas Laxton
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Liberating Supply-Fiscal Policy and Technological innovation in a Multicountry Model is written by Mr.Tamim Bayoumi and published by International Monetary Fund. It's available with International Standard Book Number or ISBN identification 1451851790 (ISBN 10) and 9781451851793 (ISBN 13).
This paper examines how endogenizing technological progress in a multicountry macroeconometric model affects the analysis of fiscal policies. It uses an expanded version of the IMF’s multicountry model, MULTIMOD, in which total factor productivity (TFP) is endogenized as a function of domestic research and development (R&D) expenditures, R&D expenditures of trading partners, and trade. Compared with the standard version of the model with exogenous TFP, fiscal policies have much larger and long-lived effects on the domestic economy and on other countries.
