| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14883 |
| DP14883 The Liquidity Channel of Fiscal Policy | |
| Christian Bayer; Benjamin Born; Ralph Luetticke | |
| 发表日期 | 2020-06-12 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We provide evidence that expansionary fiscal policy lowers the return difference between public debt and less liquid assets---the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian model with incomplete markets and portfolio choice, in which public debt affects private liquidity. This liquidity channel stabilizes fixed-capital investment. We then quantify the long-run effects of higher public debt and find little crowding out of capital, but a sizable decline of the liquidity premium, which increases the fiscal burden of debt. We show that the revenue-maximizing level of public debt is positive and has increased to 60 percent of US GDP post-2010. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Business cycles Fiscal policy Hank Impulse response matching Incomplete markets Liquidity premium Public debt |
| URL | https://cepr.org/publications/dp14883-2 |
| 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/543821 |
| 推荐引用方式 GB/T 7714 | Christian Bayer,Benjamin Born,Ralph Luetticke. DP14883 The Liquidity Channel of Fiscal Policy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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