G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7624
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
URLhttps://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.
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