| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9992 |
| DP9992 Fiscal Policy in an Unemployment Crisis | |
| Pontus Rendahl | |
| 发表日期 | 2014-05-25 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper shows that large fiscal multipliers arise naturally from equilibrium unemployment dynamics. In response to a shock that brings the economy into a liquidity trap, an expansion in government spending increases output and causes a fall in the unemployment rate. Since movements in unemployment are persistent, the effects of current spending linger into the future, leading to an enduring rise in income. As an enduring rise in income boosts private demand, even a temporary increase in government spending sets in motion a virtuous employment-spending spiral with a large associated multiplier. This transmission mechanism contrasts with the conventional view in which fiscal policy may be efficacious only under a prolonged and committed rise in government spending, which engineers a spiral of increasing inflation. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal multiplier Liquidity trap Unemployment inertia |
| URL | https://cepr.org/publications/dp9992 |
| 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/538824 |
| 推荐引用方式 GB/T 7714 | Pontus Rendahl. DP9992 Fiscal Policy in an Unemployment Crisis. 2014. |
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