全球智库信息集成服务系统(G2TT): Monetary-Fiscal Policy Interactions and Fiscal Stimulus

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w15133
来源ID	Working Paper 15133
	Monetary-Fiscal Policy Interactions and Fiscal Stimulus
	Troy Davig; Eric M. Leeper
发表日期	2009-07-09
出版年	2009
语种	英语
摘要	Increases in government spending trigger substitution effects--both inter- and intra-temporal--and a wealth effect. The ultimate impacts on the economy hinge on current and expected monetary and fiscal policy behavior. Studies that impose active monetary policy and passive fiscal policy typically find that government consumption crowds out private consumption: higher future taxes create a strong negative wealth effect, while the active monetary response increases the real interest rate. This paper estimates Markov-switching policy rules for the United States and finds that monetary and fiscal policies fluctuate between active and passive behavior. When the estimated joint policy process is imposed on a conventional new Keynesian model, government spending generates positive consumption multipliers in some policy regimes and in simulated data in which all policy regimes are realized. The paper reports the model's predictions of the macroeconomic impacts of the American Recovery and Reinvestment Act's implied path for government spending under alternative monetary-fiscal policy combinations.
主题	Macroeconomics ; Business Cycles ; Monetary Policy ; Fiscal Policy
URL	https://www.nber.org/papers/w15133
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/572808
推荐引用方式 GB/T 7714	Troy Davig,Eric M. Leeper. Monetary-Fiscal Policy Interactions and Fiscal Stimulus. 2009.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w15133.pdf（304KB）	智库出版物		限制开放	CC BY-NC-SA	浏览