Speaker: Francesco Zanetti
Affiliation: University of Oxford
This seminar will feature Dr Francesco Zanetti who will describe how the cyclicality of fiscal multipliers is determined by the source of economic fluctuation. He will show that policies aimed at stimulating aggregate demand, such as government spending and consumption tax cuts, have multipliers that are large in demand-driven recessions, but small and possibly negative in supply-driven downturns.
Dr Zanetti will explain how this contrasts with policies that boost aggregate supply, such as cuts in taxes on labor income, firms' payroll, and sales, which are ineffective in demand-driven recessions, but powerful if the downturn is driven by supply factors. He will also address how a reduction in government consumption can have the largest multiplier effect in severe supply-side recessions and demand-driven booms.
About the Speaker
Dr Francesco Zanetti is an Associate Professor in Economics at the University of Oxford and the David Richards Fellow of Wadham College. He previously worked at the Bank of England and also held visiting and advisory positions in several central banks and international organizations. Dr Zanetti holds a PhD in economics from Boston College and a PhD in Economic Theory and Institutions from the University of Bologna.
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