Angelopoulos, Nikolaos Alexandros (2023). Essays on the macroeconomic effects of fiscal policy: the role of expectations, sectoral shocks and financial bubbles. University of Birmingham. Ph.D.
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Angelopoulos2023PhD.pdf
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Abstract
What is the role of expectations in the business cycle? In the past decade, new theoretical and empirical tools were developed for tackling this question in a large body of literature. With this dissertation we contribute to this growing body of empirical research by presenting novel stylized facts and empirical methods pertaining to anticipated fiscal spending shocks and technological revolutions. In the first part, we introduce a novel approach to identify the economic effects of a shock in the components of public spending; public investment and public consumption. In the second part, we utilize an augmented version of this approach to isolate the exogenous variation in the components of public spending caused by two US wars and we proceed to ask the question of whether the effects of public investment and consumption are dependent on the monetary regime of the economy. In the final part of this dissertation we construct a novel indicator of anticipated technological booms and proceed to utilize it to establish novel stylized facts regarding the connections of technology shocks with financial boom and bust cycles.
| Type of Work: | Thesis (Doctorates > Ph.D.) | |||||||||
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| Award Type: | Doctorates > Ph.D. | |||||||||
| Supervisor(s): |
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| Licence: | All rights reserved | |||||||||
| College/Faculty: | Colleges (2008 onwards) > College of Social Sciences | |||||||||
| School or Department: | Birmingham Business School, Department of Economics | |||||||||
| Funders: | Other | |||||||||
| Other Funders: | University of Birmingham, Department of Economics | |||||||||
| Subjects: | H Social Sciences > H Social Sciences (General) | |||||||||
| URI: | http://etheses.bham.ac.uk/id/eprint/14114 |
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