| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15685 |
| DP15685 Fiscal Multipliers: A Heterogeneous-Agent Perspective | |
| Tobias Broer; Per Krusell; Erik Öberg | |
| 发表日期 | 2021-01-19 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We use an analytically tractable heterogeneous-agent (HANK) version of the standard New Keynesian model to show how the size of fiscal multipliers depends on i) the distribution of factor incomes, and ii) the source of nominal rigidities. With sticky prices but flexible wages, the standard representative-agent (RANK) model predicts large multipliers because profits fall after a fiscal stimulus and the resulting negative income effect makes the representative worker work harder. Our HANK model, where workers do not own stock and thus do not receive profit income, predicts smaller fiscal multipliers. In fact, they are smaller with sticky prices than with flexible prices. When wages are the source of nominal rigidity, in contrast, fiscal multipliers are close to one, independently of income heterogeneity and price stickiness. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp15685 |
| 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/544694 |
| 推荐引用方式 GB/T 7714 | Tobias Broer,Per Krusell,Erik Öberg. DP15685 Fiscal Multipliers: A Heterogeneous-Agent Perspective. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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