| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7624 |
| DP7624 Is There a Fiscal Free Lunch in a Liquidity Trap? | |
| Jesper Linde; Christopher Erceg | |
| 发表日期 | 2010-01-10 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper uses a DSGE model to examine the effects of an expansion in government spending in a liquidity trap. The spending multiplier can be much larger than in the normal situation if the liquidity trap is very prolonged, and the budgetary costs minimal. But given this "fiscal free lunch," it is unclear why policymakers would want to limit the size of fiscal expansion. Our paper addresses this question in a model environment where the duration of the liquidity trap is determined endogenously, and depends on the size of the fiscal stimulus. We show that even if the multiplier is high for small increases in government spending, it may decrease substantially at higher spending levels; thus, it is crucial to distinguish between the average and marginal multiplier. |
| 主题 | International Macroeconomics |
| 关键词 | Dsge model Fiscal policy Liquidity trap monetary policy Zero bound constraint |
| URL | https://cepr.org/publications/dp7624 |
| 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/536461 |
| 推荐引用方式 GB/T 7714 | Jesper Linde,Christopher Erceg. DP7624 Is There a Fiscal Free Lunch in a Liquidity Trap?. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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