| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11633 |
| DP11633 Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan | |
| Dmitriy Sergeyev; Thu-Van Nguyen | |
| 发表日期 | 2016-11-14 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Using a rich data set on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). The on-impact output multiplier is 1.5 in the ZLB period, and 0.6 outside of it. We argue that these results are not driven by the amount of slack in the economy. A simple New Keynesian model can reproduce some features of our empirical findings if the ZLB period is caused by a deflationary trap and government spending is not too persistent. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Fiscal stimulus Multiplier Government spending Zero lower bound |
| URL | https://cepr.org/publications/dp11633 |
| 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/540447 |
| 推荐引用方式 GB/T 7714 | Dmitriy Sergeyev,Thu-Van Nguyen. DP11633 Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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