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Greek Fiscal Multipliers Revisited: Government Spending Cuts vs. Tax Hikes and the Role of Public Investment Expenditure

In: A Financial Crisis Manual

Author

Listed:
  • Platon Monokroussos
  • Dimitrios D. Thomakos

Abstract

The present empirical study estimates regime-dependent fiscal multipliers for a range of key government revenue and expenditure categories in Greece. In more detail, the study employs a Multivariate Threshold Autoregressive Model (TVAR) that has a number of unique features that make it particularly suitable for our empirical analysis. The primary aim of our exercise is to: (i) check the robustness of the results presented in a number of earlier empirical studies; and (ii) take a closer look at certain important government expenditure categories: for instance, public investment outlays that could potentially play a key role in facilitating a return to positive economic growth.

Suggested Citation

  • Platon Monokroussos & Dimitrios D. Thomakos, 2015. "Greek Fiscal Multipliers Revisited: Government Spending Cuts vs. Tax Hikes and the Role of Public Investment Expenditure," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Dimitrios D. Thomakos & Platon Monokroussos & Konstantinos I. Nikolopoulos (ed.), A Financial Crisis Manual, chapter 7, pages 130-169, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-44830-9_8
    DOI: 10.1057/9781137448309_8
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