| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12394 |
| DP12394 Financial Fragility and the Keynesian Multiplier | |
| Sweder van Wijnbergen; Christiaan van der Kwaak | |
| 发表日期 | 2017-10-25 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Abstract We investigate the effectiveness of fiscal stimuli when banks are undercapitalized and have large holdings of government bonds subject to sovereign default risk. Deficit-financed government purchases then crowd out private expenditure and fiscal multipliers can turn negative. Crowding out increases for longer maturity bonds and higher sovereign default risk. We estimate a DSGE model with financial frictions for Spain and find that investment crowding out indeed leads to a negative cumulative fiscal multiplier. When monetary policy is exogenous, like at the ZLB or in a currency union, fiscal stimuli become more effective but multipliers are reduced when banks are undercapitalized. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Macrofinancial fragility Sovereign default risk Financial intermediation Fiscal policy |
| URL | https://cepr.org/publications/dp12394 |
| 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/541205 |
| 推荐引用方式 GB/T 7714 | Sweder van Wijnbergen,Christiaan van der Kwaak. DP12394 Financial Fragility and the Keynesian Multiplier. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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