Understanding the effects of government spending on consumption
Understanding the effects of government spending on consumption
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DOI：
10.1162/jeea.2007.5.1.227
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发表时间：
2007-03-01
影响因子：
3.6
通讯作者：
Lopez-Salido, J. David
中科院分区：
文献类型：
--
作者：
Gali, Jordi;Valles, Javier;Lopez-Salido, J. David
最近的证据表明，政府支出的增加会导致消费增加。这一发现与现有的优化商业周期模型不容易协调。我们扩展了标准的新凯恩斯主义模型，以考虑经验法则消费者的存在。我们展示了后者与粘性价格和赤字融资的相互作用如何解释政府支出效应的现有证据。
Recent evidence suggests that consumption rises in response to an increase in government spending. That finding cannot be easily reconciled with existing optimizing business cycle models. We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of govemment-spending.