Geographic Cross-Sectional Fiscal Multipliers: What Have We Learned?
Geographic Cross-Sectional Fiscal Multipliers: What Have We Learned?
复制标题
地理横截面财政乘数：我们学到了什么？
DOI：
--
复制
发表时间：
2017
期刊：
影响因子：
--
通讯作者：
Gabriel Chodorow
中科院分区：
文献类型：
--
作者：
Gabriel Chodorow
地理横截面财政乘数衡量的是货币联盟中某一地区支出增加的影响。近年来，对此类乘数的实证研究激增。我回顾了这项研究，发现交叉研究的平均横截面输出乘数约为2。如何将这些乘数映射为国家乘数的经济理论也得到了发展。根据理论文献，我讨论了横截面乘数可以为封闭经济赤字融资约束的货币政策乘数提供粗略下界的条件。把这些因素放在一起，横截面证据表明，国家乘数约为1.7或更高，比大多数基于时间序列证据的研究发现的乘数要大。最后，对横截面乘数的未来研究提出建议。
A geographic cross-sectional fiscal multiplier measures the effect of an increase in spending in one region in a monetary union. Empirical studies of such multipliers have proliferated in recent years. I review this research and find a cross-study mean cross-sectional output multiplier of about 2. Economic theory of how to map these multipliers into a national multiplier has also advanced. Drawing on the theoretical literature, I discuss conditions under which the cross-sectional multiplier can provide a rough lower bound for the closed economy deficit-financed constrained monetary policy multiplier. Putting these elements together, the cross-sectional evidence suggests a national multiplier of about 1.7 or above, larger than that found in most studies based on time series evidence. I conclude by offering suggestions for future research on cross-sectional multipliers.
DOI：
10.1257/aer.104.7.2185
发表时间：
2011-04
期刊：
CEPR Discussion Paper Series
影响因子：
--
作者：
A. Acconcia;G. Corsetti;S. Simonelli
通讯作者：
A. Acconcia;G. Corsetti;S. Simonelli