| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8239 |
| DP8239 Targeted transfers and the fiscal response to the great recession | |
| Hyunseung Oh | |
| 发表日期 | 2011-02-08 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Between 2007 and 2009, government expenditures increased rapidly across the OECD countries. While economic research on the impact of government purchases has flourished, in the data, about three quarters of the increase in expenditures in the United States (and more in other countries) was in government transfers. We document this fact, and show that the increase in U.S. spending on retirement, disability, and medical care has been as high as the increase in government purchases. We argue that future research should focus on the positive impact of transfers. Towards this, we present a model in which there is no representative agent and Ricardian equivalence does not hold because of uncertainty, imperfect credit markets, and nominal rigidities. Targeted lump-sum transfers are expansionary both because of a neoclassical wealth effect and because of a Keynesian aggregate demand effect. |
| 主题 | International Macroeconomics ; Public Economics |
| 关键词 | Fiscal policy Incomplete markets Nominal rigidities |
| URL | https://cepr.org/publications/dp8239 |
| 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/537077 |
| 推荐引用方式 GB/T 7714 | Hyunseung Oh. DP8239 Targeted transfers and the fiscal response to the great recession. 2011. |
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