| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10087 |
| DP10087 A model of the confidence channel of fiscal policy | |
| Bernardo Guimaraes | |
| 发表日期 | 2014-08-03 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper presents a simple macroeconomic model where government spending affects aggregate demand directly and indirectly, through an expectational channel. Prices are fully flexible and the model is static, so intertemporal issues play no role. There are three important elements in the model: (i) fixed adjustment costs for investment; (ii) noisy idiosyncratic information about the economy; and (iii) imperfect substitution among private goods and goods provided by the government. An increase in government spending raises the demand for private goods and raises firms' expectations about what others will be producing and demanding. The optimal level of government expenditure is larger when the desired level of investment is small, which we interpret as times of low economic activity |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal policy Confidence Expectations Fiscal multiplier Aggregate demand |
| URL | https://cepr.org/publications/dp10087 |
| 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/538920 |
| 推荐引用方式 GB/T 7714 | Bernardo Guimaraes. DP10087 A model of the confidence channel of fiscal policy. 2014. |
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