Some Unpleasant Properties of Loglinearized Solutions When the Nominal Rate is Zero
Some Unpleasant Properties of Loglinearized Solutions When the Nominal Rate is Zero
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标称速率为零时对数线性化解的一些令人不快的特性
DOI：
10.2139/ssrn.2669520
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Yuichiro Waki
中科院分区：
文献类型：
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作者：
R. Braun;Lena M. Koerber;Yuichiro Waki
当名义利率为零时，财政政策是否对经济产生了巨大的、性质上不同的影响？在新凯恩斯主义（NK）文献中，一个正在形成的共识是，这个问题的答案是肯定的。这里提出的证据表明，NK模型的财政政策的影响在零界可能并没有那么不同，它的影响，远离它的政策。对于一系列的经验相关的参数化，就业增加时，劳动力税率降低，政府购买乘数小于1.05。
Does fiscal policy have large and qualitatively different effects on the economy when the nominal interest rate is zero? An emerging consensus in the New Keynesian (NK) literature is that the answer to this question is yes. Evidence presented here suggests that the NK model׳s implications for fiscal policy at the zero bound may not be all that different from its implications for policy away from it. For a range of empirically relevant parameterizations, employment increases when the labor tax rate is cut and the government purchase multiplier is less than 1.05.