| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10165 |
| DP10165 The Effects of a Money-Financed Fiscal Stimulus | |
| Jordi Gali | |
| 发表日期 | 2014-09-28 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | I analyze the effects of an increase in government purchases financed entirely through seignorage, in both a classical and a New Keynesian framework, and compare them with those resulting from a more conventional debt-financed stimulus. My findings point to the importance of nominal rigidities in shaping those effects. Under a realistic calibration of such rigidities, a money-financed fiscal stimulus is shown to have very strong effects on economic activity, with relatively mild inflationary consequences. If the steady state is sufficiently inefficient, an increase in government purchases may increase welfare even if such spending is wasteful. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal multiplier Government spending Seignorage |
| URL | https://cepr.org/publications/dp10165 |
| 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/538998 |
| 推荐引用方式 GB/T 7714 | Jordi Gali. DP10165 The Effects of a Money-Financed Fiscal Stimulus. 2014. |
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