Har ökad öppenhet påverkat den automatiska stabilisatorn?
-en makroekonomisk paneldatastudie
Automatic stabilizersStabilization policyOpennessTax ratioVolatility in GDPAutomatiska stabilisatorerStabiliseringspolitikO?ppenhetSkattekvotVolatilitet i BNP
This paper investigates the automatic stabilizer and the underlying factors behind its function. The paper includes both a literature review and an empirical analysis. The literature review discusses the IS-LM and Mundell-Fleming models and different ways to quantify the automatic stabilizer. Based on the theory, the relationship between volatility in GDP and the size of the automatic stabilizers is then analyzed with the help of regressions. Our main result shows a negative relation between these two variables. This effect seems to be decreasing over time, which may be explained by an increased openness. However, it is hard to tell if the decreasing effect is a long-term development or just a result of the most recent financial crisis.