Small and Orthodox Fiscal Multipliers at the Zero Lower Bound
Small and Orthodox Fiscal Multipliers at the Zero Lower Bound
复制标题
零下限的小型正统财政乘数
DOI：
10.2139/ssrn.2579861
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发表时间：
2013
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、质的不同的影响？新凯恩斯主义文学中一个正在形成的共识是，答案是肯定的。这里提供的新证据表明，答案往往是否定的。对于代价高昂的价格调整的罗滕伯格模型的广泛的经验相关性参数，政府采购乘数约为1或更小，而工作时间对减税的反应要么为负，要么接近于零。
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 literature is that the answer is yes. New evidence provided here suggests that the answer is often no. For a broad range of empirically relevant parameterizations of the Rotemberg model of costly price adjustment, the government purchase multiplier is about one or less, and the response of hours to a tax cut is either negative or close to zero.