The Role of Business Cycles in Determining Fiscal Policy Multiplier (with Emphasis on Direct and Indirect Taxes): A Case Study of the Iranian Economy

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MORADI YOUSEF; SHAHBAZI KIUMARS; Feizi Ganje Soleiman

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Journal Paper

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Journal: Financial Economics Year:2023 | Volume:17 | Issue:2 (63) Page(s): 117-138

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Information Journal Paper

Title

The Role of Business Cycles in Determining Fiscal Policy Multiplier (with Emphasis on Direct and Indirect Taxes): A Case Study of the Iranian Economy

Author(s)

MORADI YOUSEF | SHAHBAZI KIUMARS | Feizi Ganje Soleiman | Issue Writer Certificate

Keywords

Fiscal Multiplier

Direct Tax

Economic Growth

Government Spending

Abstract

The Purpose of This Study Is to Investigate the Impact of Fiscal Policy On Economic Growth and to Estimate the Fiscal Multiplier During Business Cycles. For This Purpose, Quarterly Data of Iran's Economy Has Been Used During the Period 1993 To 2018. Three Methods Are Used to Estimate the Fiscal Multiplier. 1) Vector Auto-Regression Models Based On Blanchard and Perotti Method 2002, 2-Regression Based Method Introduced by Hall 2009 And 3-Dynamic Stochastic General Equilibrium Models. In The Present Study, Is Used the Second Method and Markov Switching Model, Which Is Based On Regression Specification, To Calculate the Fiscal Multiplier During Business Cycles. Therefore, By Specifying Five Different Models, Such That In Model Number 1, Direct Taxes, In Model Number 2, InDirect Taxes, In Model Number 3, Government Expenditures, In Model Number 4, Government Expenditures and Direct Taxes and In Model 5 Government Expenditures and InDirect Taxes Are Considered As Fiscal Policy Tools. The Results Showed That Direct Taxes Perform Better in Effect of Economic Growth Than InDirect Taxes. Also, Among The Three Instruments of Government Spending and Direct and InDirect Taxes, The Largest Multiplier in The Recession and Boom Period Is Related to Government Spending and Direct Taxes, Respectively. On The Other Hand, The Government's Fiscal Policy Package, Which Contains InDirect Taxes and Expenditures, Works Better in Influencing Economic Growth Than the Package, Which Contains Direct Taxes and Expenditures.

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APA: Copy

MORADI, YOUSEF, SHAHBAZI, KIUMARS, & Feizi Ganje, Soleiman. (2023). The Role of Business Cycles in Determining Fiscal Policy Multiplier (with Emphasis on Direct and Indirect Taxes): A Case Study of the Iranian Economy. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), 17(2 (63) ), 117-138. SID. https://sid.ir/paper/1055230/en

Vancouver: Copy

MORADI YOUSEF, SHAHBAZI KIUMARS, Feizi Ganje Soleiman. The Role of Business Cycles in Determining Fiscal Policy Multiplier (with Emphasis on Direct and Indirect Taxes): A Case Study of the Iranian Economy. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT)[Internet]. 2023;17(2 (63) ):117-138. Available from: https://sid.ir/paper/1055230/en

IEEE: Copy

YOUSEF MORADI, KIUMARS SHAHBAZI, and Soleiman Feizi Ganje, “The Role of Business Cycles in Determining Fiscal Policy Multiplier (with Emphasis on Direct and Indirect Taxes): A Case Study of the Iranian Economy,” JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), vol. 17, no. 2 (63) , pp. 117–138, 2023, [Online]. Available: https://sid.ir/paper/1055230/en

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