G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15623
DP15623 Fiscal Stimulus in Liquidity Traps: Conventional or Unconventional Policies?
Jesper Linde; Matthieu Lemoine
发表日期2020-12-31
出版年2020
语种英语
摘要Recent influential work argue that a gradual increase in sales tax stimulates economic activity in a liquidity trap by boosting inflation expectations. Higher public infrastructure investment should also be more expansive in a liquidity trap than in normal times by raising the potential interest rate and increasing aggregate demand. We analyze the relative merits of these policies in New Keynesian models with and without endogenous private capital formation and heterogeneity when monetary policy does not respond by raising policy rates. Our key finding is that the effectiveness of sales tax hikes differs notably across various model specifications, whereas the benefits of higher public infrastructure investment are more robust in alternative model environments. We therefore conclude that fiscal policy should consider public investment opportunities and not merely rely on tax policies to stimulate growth during the COVID-19 crisis.
主题Monetary Economics and Fluctuations
关键词monetary policy Sales tax Public investments Liquidity trap Zero lower bound Dsge model
URLhttps://cepr.org/publications/dp15623
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/544638
推荐引用方式
GB/T 7714
Jesper Linde,Matthieu Lemoine. DP15623 Fiscal Stimulus in Liquidity Traps: Conventional or Unconventional Policies?. 2020.
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