| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9273 |
| DP9273 Fiscal Policy in a Depressed Economy: Was There a 'Free Lunch' in 1930s' Britain? | |
| Nicholas Crafts; Terence Mills | |
| 发表日期 | 2013-01-13 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We report estimates of the fiscal multiplier for interwar Britain based on quarterly data and time-series econometrics. We find that the government-expenditure multiplier was in the range 0.3 to 0.9 even during the period when interest rates were at the lower bound. The scope for a 'Keynesian solution' to recession was much less than is generally supposed. In the later 1930s but not before Britain's exit from the gold standard, there was a 'fiscal free lunch' in the sense that deficit-financed government spending would have improved public finances enough to pay for the interest onthe extra debt. |
| 主题 | Economic History |
| 关键词 | Defence news Keynesian solution Multiplier Public works Self-defeating austerity |
| URL | https://cepr.org/publications/dp9273 |
| 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/538109 |
| 推荐引用方式 GB/T 7714 | Nicholas Crafts,Terence Mills. DP9273 Fiscal Policy in a Depressed Economy: Was There a 'Free Lunch' in 1930s' Britain?. 2013. |
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