{"id":"https://openalex.org/W3126075974","doi":"https://doi.org/10.1111/j.1538-4616.2007.00047.x","title":"Monetary and Fiscal Policy Switching","display_name":"Monetary and Fiscal Policy Switching","publication_year":2007,"publication_date":"2007-06-01","ids":{"openalex":"https://openalex.org/W3126075974","doi":"https://doi.org/10.1111/j.1538-4616.2007.00047.x","mag":"3126075974"},"language":"en","primary_location":{"id":"doi:10.1111/j.1538-4616.2007.00047.x","doi":"https://doi.org/10.1111/j.1538-4616.2007.00047.x","is_oa":true,"landing_page_url":"https://doi.org/10.1111/j.1538-4616.2007.00047.x","pdf_url":"http://repec.org/esNASM04/up.14392.1075401104.pdf","source":{"id":"https://openalex.org/S2058785","display_name":"Journal of money credit and banking","issn_l":"0022-2879","issn":["0022-2879","1538-4616"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Money, Credit and Banking","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"http://repec.org/esNASM04/up.14392.1075401104.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5108572528","display_name":"Hess T. Chung","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I592451","display_name":"Indiana University","ror":"https://ror.org/01kg8sb98","country_code":"US","type":"education","lineage":["https://openalex.org/I592451"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"HESS CHUNG","raw_affiliation_strings":["Hess Chungis a Ph. D. student at Indiana University (E-mail: [email protected] )"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Hess Chungis a Ph. D. student at Indiana University (E-mail: [email protected] )","institution_ids":["https://openalex.org/I592451"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5111374974","display_name":"Troy A. Davig","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I84318336","display_name":"Federal Reserve Bank of Kansas City","ror":"https://ror.org/015h21b91","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608","https://openalex.org/I84318336"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"TROY DAVIG","raw_affiliation_strings":["Troy Davigis a Senior Economist at Federal Reserve Bank of Kansas City (E-mail: [email protected] )"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Troy Davigis a Senior Economist at Federal Reserve Bank of Kansas City (E-mail: [email protected] )","institution_ids":["https://openalex.org/I84318336"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5112603827","display_name":"Eric Michael Leeper","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I592451","display_name":"Indiana University","ror":"https://ror.org/01kg8sb98","country_code":"US","type":"education","lineage":["https://openalex.org/I592451"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"ERIC M. LEEPER","raw_affiliation_strings":["Eric M. Leeperis a Professor of Economics at Indiana University, Center for Applied Economics and Policy Research, and NBER (E-mail: [email protected] )"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Eric M. Leeperis a Professor of Economics at Indiana University, Center for Applied Economics and Policy Research, and NBER (E-mail: [email protected] )","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I592451"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5108572528","https://openalex.org/A5111374974","https://openalex.org/A5112603827"],"corresponding_institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I592451","https://openalex.org/I84318336"],"apc_list":{"value":3800,"currency":"USD","value_usd":3800},"apc_paid":null,"fwci":16.5188,"has_fulltext":true,"cited_by_count":149,"citation_normalized_percentile":{"value":0.98842728,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":99},"biblio":{"volume":"39","issue":"4","first_page":"809","last_page":"842"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9672999978065491,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9672999978065491,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.019999999552965164,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.006800000090152025,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/markov-switching-model","display_name":"Markov regime switching","score":0.7940000295639038},{"id":"https://openalex.org/keywords/taylor-principle","display_name":"Taylor principle","score":0.8489999771118164},{"id":"https://openalex.org/keywords/fiscal-rules","display_name":"fiscal rules","score":0.382999986410141},{"id":"https://openalex.org/keywords/ricardian-equivalence","display_name":"Ricardian equivalence","score":0.7179999947547913},{"id":"https://openalex.org/keywords/policy-reaction-function","display_name":"policy reaction function","score":0.6510000228881836},{"id":"https://openalex.org/keywords/tax-shocks","display_name":"tax shocks","score":0.824999988079071},{"id":"https://openalex.org/keywords/monetary-policy-shocks","display_name":"monetary policy shocks","score":0.765999972820282},{"id":"https://openalex.org/keywords/wealth-effects","display_name":"wealth effects","score":0.9490000009536743},{"id":"https://openalex.org/keywords/aggregate-demand","display_name":"aggregate demand","score":0.6299999952316284}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8535226583480835},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.7344040274620056},{"id":"https://openalex.org/C2778222704","wikidata":"https://www.wikidata.org/wiki/Q1898150","display_name":"Taylor rule","level":4,"score":0.7053878307342529},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6271485090255737},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6155287027359009},{"id":"https://openalex.org/C489367","wikidata":"https://www.wikidata.org/wiki/Q1962064","display_name":"Dynamic stochastic general equilibrium","level":3,"score":0.5713812708854675},{"id":"https://openalex.org/C524878704","wikidata":"https://www.wikidata.org/wiki/Q187021","display_name":"Fiscal policy","level":2,"score":0.5587963461875916},{"id":"https://openalex.org/C2776805697","wikidata":"https://www.wikidata.org/wiki/Q3445707","display_name":"Tax policy","level":3,"score":0.5000274181365967},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.4818904995918274},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.3613077700138092},{"id":"https://openalex.org/C551662922","wikidata":"https://www.wikidata.org/wiki/Q2346630","display_name":"Tax reform","level":2,"score":0.19172534346580505},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.15928098559379578},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.11034679412841797}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1111/j.1538-4616.2007.00047.x","doi":"https://doi.org/10.1111/j.1538-4616.2007.00047.x","is_oa":true,"landing_page_url":"https://doi.org/10.1111/j.1538-4616.2007.00047.x","pdf_url":"http://repec.org/esNASM04/up.14392.1075401104.pdf","source":{"id":"https://openalex.org/S2058785","display_name":"Journal of money credit and banking","issn_l":"0022-2879","issn":["0022-2879","1538-4616"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Money, Credit and Banking","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:ecm:nasm04:274","doi":null,"is_oa":false,"landing_page_url":"http://repec.org/esNASM04/up.14392.1075401104.pdf","pdf_url":"http://repec.org/esNASM04/up.14392.1075401104.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:fip:fedkrw:rwp05-12","doi":null,"is_oa":false,"landing_page_url":"http://www.kansascityfed.org/Publicat/Reswkpap/PDF/RWP05-12.pdf","pdf_url":"http://www.kansascityfed.org/Publicat/Reswkpap/PDF/RWP05-12.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:sce:scecf4:325","doi":null,"is_oa":false,"landing_page_url":"http://repec.org/sce2004/up.26172.1078094577.pdf","pdf_url":"http://repec.org/sce2004/up.26172.1078094577.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:mcb:jmoncb:v:39:y:2007:i:4:p:809-842","doi":null,"is_oa":false,"landing_page_url":"http://www.blackwell-synergy.com/doi/abs/10.1111/j.1538-4616.2007.00047.x","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"article"}],"best_oa_location":{"id":"doi:10.1111/j.1538-4616.2007.00047.x","doi":"https://doi.org/10.1111/j.1538-4616.2007.00047.x","is_oa":true,"landing_page_url":"https://doi.org/10.1111/j.1538-4616.2007.00047.x","pdf_url":"http://repec.org/esNASM04/up.14392.1075401104.pdf","source":{"id":"https://openalex.org/S2058785","display_name":"Journal of money credit and banking","issn_l":"0022-2879","issn":["0022-2879","1538-4616"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Money, Credit and Banking","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3126075974.pdf","grobid_xml":"https://content.openalex.org/works/W3126075974.grobid-xml"},"referenced_works_count":100,"referenced_works":["https://openalex.org/W107107853","https://openalex.org/W197943412","https://openalex.org/W572842801","https://openalex.org/W1482401614","https://openalex.org/W1488184288","https://openalex.org/W1497033858","https://openalex.org/W1501428352","https://openalex.org/W1502006584","https://openalex.org/W1506084352","https://openalex.org/W1515378455","https://openalex.org/W1523186847","https://openalex.org/W1523727801","https://openalex.org/W1541454545","https://openalex.org/W1544202343","https://openalex.org/W1556471967","https://openalex.org/W1559127418","https://openalex.org/W1565940437","https://openalex.org/W1569851657","https://openalex.org/W1570506523","https://openalex.org/W1579181972","https://openalex.org/W1587744912","https://openalex.org/W1591386206","https://openalex.org/W1599021768","https://openalex.org/W1604257006","https://openalex.org/W1811963277","https://openalex.org/W1966491996","https://openalex.org/W1970638247","https://openalex.org/W1976537161","https://openalex.org/W1980978596","https://openalex.org/W1981372769","https://openalex.org/W1984590656","https://openalex.org/W1985243191","https://openalex.org/W1993117258","https://openalex.org/W2014193783","https://openalex.org/W2017540542","https://openalex.org/W2018792429","https://openalex.org/W2027587560","https://openalex.org/W2029763040","https://openalex.org/W2032290065","https://openalex.org/W2033189511","https://openalex.org/W2045998004","https://openalex.org/W2057134369","https://openalex.org/W2067109693","https://openalex.org/W2070720254","https://openalex.org/W2075273410","https://openalex.org/W2075368726","https://openalex.org/W2079768115","https://openalex.org/W2093972087","https://openalex.org/W2100462248","https://openalex.org/W2100879586","https://openalex.org/W2104610120","https://openalex.org/W2110122410","https://openalex.org/W2127789437","https://openalex.org/W2133073622","https://openalex.org/W2133099247","https://openalex.org/W2137000086","https://openalex.org/W2137957803","https://openalex.org/W2140898820","https://openalex.org/W2148806103","https://openalex.org/W2157373161","https://openalex.org/W2160763275","https://openalex.org/W2163695021","https://openalex.org/W2167929572","https://openalex.org/W2170170777","https://openalex.org/W2284482160","https://openalex.org/W2580563265","https://openalex.org/W2800576005","https://openalex.org/W2890717445","https://openalex.org/W2892299916","https://openalex.org/W2951112740","https://openalex.org/W2996121507","https://openalex.org/W3022712314","https://openalex.org/W3121275404","https://openalex.org/W3121293400","https://openalex.org/W3121467051","https://openalex.org/W3121828439","https://openalex.org/W3121836009","https://openalex.org/W3122050311","https://openalex.org/W3122413052","https://openalex.org/W3122566559","https://openalex.org/W3122866447","https://openalex.org/W3123530756","https://openalex.org/W3123555383","https://openalex.org/W3123583581","https://openalex.org/W3123810842","https://openalex.org/W3123941876","https://openalex.org/W3124037062","https://openalex.org/W3124198157","https://openalex.org/W3124261541","https://openalex.org/W3125817943","https://openalex.org/W3126000877","https://openalex.org/W3139614002","https://openalex.org/W3140992443","https://openalex.org/W4214880403","https://openalex.org/W4230005674","https://openalex.org/W4233117719","https://openalex.org/W4255610454","https://openalex.org/W4297990636","https://openalex.org/W4299851499","https://openalex.org/W6675165171"],"related_works":["https://openalex.org/W2289260850","https://openalex.org/W3123810842","https://openalex.org/W7098380798","https://openalex.org/W2071640251","https://openalex.org/W2113767256","https://openalex.org/W2473788465","https://openalex.org/W3124633520","https://openalex.org/W7127788736","https://openalex.org/W4302398931","https://openalex.org/W7053128910"],"abstract_inverted_index":{"A":[0,87],"growing":[1],"body":[2],"of":[3,43,158,166,175],"evidence":[4],"finds":[5],"that":[6,77,91,99,118,149],"policy":[7,44,50,120,130,176],"reaction":[8],"functions":[9],"vary":[10],"substantially":[11],"over":[12],"different":[13],"periods":[14],"in":[15,27,61,84,103,135,148],"the":[16,41,52,64,97,104,143,155,162,173],"United":[17],"States.":[18],"This":[19],"paper":[20,170],"explores":[21],"how":[22],"moving":[23],"to":[24,35,68,124,141],"an":[25],"environment":[26],"which":[28],"monetary":[29,49,106,129],"and":[30,55,70,107,151,160],"fiscal":[31,119],"regimes":[32],"evolve":[33],"according":[34],"a":[36,78,132],"Markov":[37],"process":[38],"can":[39,153],"change":[40,102],"impacts":[42],"shocks.":[45,168],"In":[46],"one":[47,136],"regime":[48,63,137,150],"follows":[51],"Taylor":[53,65,133],"principle":[54,66],"taxes":[56,71],"rise":[57],"strongly":[58],"with":[59],"debt;":[60],"another":[62],"fails":[67],"hold":[69],"are":[72],"exogenous.":[73],"An":[74],"example":[75],"shows":[76],"unique":[79],"bounded":[80],"non\u2010Ricardian":[81],"equilibrium":[82],"exists":[83],"this":[85],"environment.":[86],"computational":[88],"model":[89],"illustrates":[90],"because":[92],"agents'":[93],"decision":[94],"rules":[95],"embed":[96],"probability":[98],"policies":[100],"will":[101,121],"future,":[105],"tax":[108,146,167],"shocks":[109,147],"always":[110],"produce":[111],"wealth":[112],"effects.":[113],"When":[114],"it":[115,152],"is":[116,138],"possible":[117],"be":[122],"unresponsive":[123],"debt":[125],"at":[126],"times,":[127],"active":[128],"(like":[131],"rule)":[134],"not":[139],"sufficient":[140],"insulate":[142],"economy":[144],"against":[145],"have":[154],"unintended":[156],"consequence":[157],"amplifying":[159],"propagating":[161],"aggregate":[163],"demand":[164],"effects":[165],"The":[169],"also":[171],"considers":[172],"implications":[174],"switching":[177],"for":[178],"two":[179],"empirical":[180],"issues.":[181]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":5},{"year":2024,"cited_by_count":7},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":6},{"year":2021,"cited_by_count":7},{"year":2020,"cited_by_count":6},{"year":2019,"cited_by_count":5},{"year":2018,"cited_by_count":10},{"year":2017,"cited_by_count":4},{"year":2016,"cited_by_count":9},{"year":2015,"cited_by_count":8},{"year":2014,"cited_by_count":8},{"year":2013,"cited_by_count":11},{"year":2012,"cited_by_count":12}],"updated_date":"2026-11-03T10:50:19.383937","created_date":"2021-02-01T00:00:00"}