| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9175 |
| DP9175 Fiscal Policy, Banks and the Financial Crisis | |
| Robert Kollmann; Werner Roeger; Marco Ratto | |
| 发表日期 | 2012-10-14 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper studies the effectiveness of Euro Area (EA) fiscal policy, during the recent financial crisis, using an estimated New Keynesian model with a bank. A key dimension of policy in the crisis was massive government support for banks?that dimension has so far received little attention in the macro literature. We use the estimated model to analyze the effects of bank asset losses, of government support for banks, and other fiscal stimulus measures, in the EA. Our results suggest that support for banks had a stabilizing effect on EA output, consumption and investment. Increased government purchases helped to stabilize output, but crowded out consumption. Higher transfers to households had a positive impact on private consumption, but a negligible effect on output and investment. Banking shocks and increased government spending explain half of the rise in the public debt/GDP ratio since the onset of the crisis. |
| 主题 | International Macroeconomics |
| 关键词 | Bank rescue measures Financial crisis Fiscal policy |
| URL | https://cepr.org/publications/dp9175 |
| 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/538010 |
| 推荐引用方式 GB/T 7714 | Robert Kollmann,Werner Roeger,Marco Ratto. DP9175 Fiscal Policy, Banks and the Financial Crisis. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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