| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7303 |
| DP7303 Naked exclusion: Towards a behavioral approach to exclusive dealing | |
| jan boone; Wieland Müller; Sigrid Suetens | |
| 发表日期 | 2009-05-24 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government spending under a plausible debt-stabilizing policy that systematically reduces spending below trend over time, in response to rising public liabilities. Accounting for such spending reversals brings an otherwise standard new Keynesian model in line with the stylized facts of fiscal transmission, including the crowding-in of consumption and the `puzzle' of real exchange rate depreciation. Time series evidence for the U.S. supports the empirical relevance of endogenous spending reversals. |
| 主题 | International Macroeconomics |
| 关键词 | Consumption Fiscal policy transmission monetary policy Real exchange rate Real interest rates Sticky prices |
| URL | https://cepr.org/publications/dp7303 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536139 |
| 推荐引用方式 GB/T 7714 | jan boone,Wieland Müller,Sigrid Suetens. DP7303 Naked exclusion: Towards a behavioral approach to exclusive dealing. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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