| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10353 |
| DP10353 Fiscal Multipliers in Recessions | |
| Matthew B Canzoneri; Harris Dellas; Behzad Diba; Fabrice Collard | |
| 发表日期 | 2015-01-18 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | The Great Recession, and the fiscal response to it, has revived interest in the size of fiscal multipliers. Standard business cycle models have difficulties generating multipliers greater than one. And they also cannot produce any significant state-dependence in the size of the multipliers over the business cycle. In this paper we employ a variant of the Curdia-Woodford model of costly financial intermediation and show that fiscal multipliers can be strongly state dependent in a countercyclical manner. In particular, a fiscal expansion during a recession may lead to multiplier values exceeding two, while a similar expansion during an economic boom would produce multipliers falling short of unity. This pattern obtains if the spread (the financial friction) is more sensitive to fiscal policy during recessions than during expansions, a feature that is present in the data. Our results are consistent with recent empirical work documenting the state contingency of multipliers. |
| 主题 | International Macroeconomics |
| 关键词 | Government spending multipliers Cyclicality Financial frictions |
| URL | https://cepr.org/publications/dp10353 |
| 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/539184 |
| 推荐引用方式 GB/T 7714 | Matthew B Canzoneri,Harris Dellas,Behzad Diba,et al. DP10353 Fiscal Multipliers in Recessions. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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