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dc.contributor.authorBjørnland, Hilde Christiane
dc.contributor.authorCasarin, Roberto
dc.contributor.authorLorusso, Marco
dc.contributor.authorRavazzolo, Francesco
dc.date.accessioned2021-01-12T14:22:08Z
dc.date.available2021-01-12T14:22:08Z
dc.date.issued2020-12-29
dc.identifier.issn1892-2198
dc.identifier.urihttps://hdl.handle.net/11250/2722610
dc.description.abstractWe analyse fiscal policy responses in oil rich countries by developing a Bayesian regime-switching panel country analysis. We use parameter restrictions to identify procyclical and countercyclical fiscal policy regimes over the sample in 23 OECD and non-OECD oil producing countries. We find that fiscal policy is switching between pro- and countercyclial regimes multiple times. Furthermore, for all countries, fiscal policy is more volatile in the countercyclical regime than in the procyclical regime. In the procyclical regime, however, fiscal policy is systematically more volatile and excessive in the non-OECD (including OPEC) countries than in the OECD countries. This suggests OECD countries are able to smooth spending and save more than the non-OECD countries. Our results emphasize that it is both possible and important to separate a procyclical regime from a countercyclical regime when analysing fiscal policy. Doing so, we have encountered new facts about fiscal policy in oil rich countries.en_US
dc.language.isoengen_US
dc.publisherBI Norwegian Business Schoolen_US
dc.relation.ispartofseriesCAMP Working Paper Series;11
dc.subjectDynamic Panel Modelen_US
dc.subjectMixed-Frequencyen_US
dc.subjectMarkov Switchingen_US
dc.subjectBayesian Inferenceen_US
dc.subjectFiscal Policyen_US
dc.subjectResource Rich Countriesen_US
dc.subjectOil Pricesen_US
dc.titleOil and Fiscal Policy Regimesen_US
dc.typeWorking paperen_US
dc.source.pagenumber40en_US


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