| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15623 |
| 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 |
| URL | https://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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