| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20687 |
| 来源ID | Working Paper 20687 |
| Is Government Spending at the Zero Lower Bound Desirable? | |
| Florin O. Bilbiie; Tommaso Monacelli; Roberto Perotti | |
| 发表日期 | 2014-11-24 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Government spending at the zero lower bound (ZLB) is not necessarily welfare enhancing, even when its output multiplier is large. We illustrate this point in the context of a standard New Keynesian model. In that model, when government spending provides direct utility to the household, its optimal level is at most 0.5-1 percent of GDP for recessions of -4 percent; the numbers are higher for deeper recessions. When spending does not provide direct utility, it is generically welfare-detrimental: it should be kept unchanged at a long run-optimal value. |
| 主题 | Microeconomics ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Fiscal Policy |
| URL | https://www.nber.org/papers/w20687 |
| 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/578361 |
| 推荐引用方式 GB/T 7714 | Florin O. Bilbiie,Tommaso Monacelli,Roberto Perotti. Is Government Spending at the Zero Lower Bound Desirable?. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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