| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13648 |
| DP13648 Why Do Fiscal Multipliers Depend on Fiscal Positions? | |
| Raju Huidrom; M. Ayhan Kose; Jamus Lim; Franziska Ohnsorge | |
| 发表日期 | 2019-04-03 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus from a weak fiscal position heightens investors’ concerns about sovereign credit risk, raises economy-wide borrowing cost, and reduces private domestic demand. We document empirically the relevance of these two channels using an Interactive Panel Vector Auto Regression model. We find that fiscal multipliers tend to be smaller when fiscal positions are weak than strong. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Fiscal multipliers Fiscal position State-dependency Ricardian channel Interest rate |
| URL | https://cepr.org/publications/dp13648 |
| 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/542507 |
| 推荐引用方式 GB/T 7714 | Raju Huidrom,M. Ayhan Kose,Jamus Lim,et al. DP13648 Why Do Fiscal Multipliers Depend on Fiscal Positions?. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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