| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13740 |
| DP13740 Fiscal Policies in Booms and Busts | |
| Paul De Grauwe; Yuemei Ji; Pasquale Foresti | |
| 发表日期 | 2019-05-16 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We introduce fiscal policies into a behavioral macroeconomic model. We show how animal spirits play an important role in the dynamics of the business cycle and of public debt. These animal spirits are able to generate different sizes of fiscal multipliers depending on the state of the economy. Depending on the interest rate regime (high or low), they affect the capacity of fiscal authorities to stabilize the economy. In the high interest rate regime the fiscal authorities face a steep trade-off between output stabilization and the stabilization of public debt, i.e. attempts to stabilize the business cycle quickly hit a limitation of debt sustainability. In the low interest rate regime, when the steady state interest rate is lower than the growth rate of the economy, the use of fiscal policy as a tool of output stabilization is made considerably stronger. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Fiscal policy Public debt sustainability Fiscal multiplier Low and high interest rate regimes Tradeoffs |
| URL | https://cepr.org/publications/dp13740 |
| 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/542604 |
| 推荐引用方式 GB/T 7714 | Paul De Grauwe,Yuemei Ji,Pasquale Foresti. DP13740 Fiscal Policies in Booms and Busts. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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