G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9273
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
URLhttps://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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