全球智库信息集成服务系统(G2TT): DP10716 Jump-Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP10716
	DP10716 Jump-Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?
	olivier blanchard; Jesper Linde; Christopher Erceg
发表日期	2015-07-19
出版年	2015
语种	英语
摘要	We show that a fiscal expansion by the core economies of the euro area would have a large and positive impact on periphery GDP assuming that policy rates remain low for a prolonged period. Under our preferred model specification, an expansion of core government spending equal to one percent of euro area GDP would boost periphery GDP around 1 percent in a liquidity trap lasting three years, about half as large as the effect on core GDP. Accordingly, under a standard ad hoc loss function involving output and inflation gaps, increasing core spending would generate substantial welfare improvements, especially in the periphery. The benefits are considerably smaller under a utility-based welfare measure, reflecting in part that higher net exports play a material role in raising periphery GDP.
主题	International Macroeconomics and Finance
关键词	monetary policy Fiscal policy Liquidity trap Zero bound constraint Dsge model Currency union
URL	https://cepr.org/publications/dp10716
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/539547
推荐引用方式 GB/T 7714	olivier blanchard,Jesper Linde,Christopher Erceg. DP10716 Jump-Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?. 2015.