| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14625 |
| DP14625 Big G | |
| Gernot Müller; Ernesto Pasten; Raphael Schoenle; Michael Weber | |
| 发表日期 | 2020-04-16 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | ``Big G'' typically refers to aggregate government spending on a homogeneous good. In this paper, we open up this construct by analyzing the entire universe of procurement contracts of the US government and establish five facts. First, government spending is granular, that is, it is concentrated in relatively few firms and sectors. Second, relative to private expenditures its composition is biased. Third, procurement contracts are short-lived. Fourth, idiosyncratic variation dominates the fluctuation of spending. Last, government spending is concentrated in sectors with relatively sticky prices. Accounting for these facts within a stylized New Keynesian model offers new insights into the fiscal transmission mechanism: fiscal shocks hardly impact inflation, little crowding out of private expenditure exists, and the multiplier tends to be larger compared to a one-sector benchmark aligning the model with the empirical evidence. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Government spending Federal procurement Granularity Sectoral heterogeneity Fiscal policy transmission monetary policy |
| URL | https://cepr.org/publications/dp14625 |
| 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/543535 |
| 推荐引用方式 GB/T 7714 | Gernot Müller,Ernesto Pasten,Raphael Schoenle,et al. DP14625 Big G. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
