全球智库信息集成服务系统(G2TT): Jump Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21426
来源ID	Working Paper 21426
	Jump Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?
	Olivier Blanchard; Christopher J. Erceg; Jesper Lindé
发表日期	2015-08-03
出版年	2015
语种	英语
摘要	We show that a fiscal expansion by the core economies of the euro area would have a large and positive impact on periphery GDP assuming that policy rates remain low for a prolonged period. Under our preferred model specification, an expansion of core government spending equal to one percent of euro area GDP would boost periphery GDP by over 1 percent in a liquidity trap lasting three years, nearly half as large as the effect on core GDP. Accordingly, under a standard ad hoc loss function involving output and inflation gaps, increasing core spending would generate substantial welfare improvements, especially in the periphery. The benefits are considerably smaller under a utility-based welfare measure, reflecting in part that higher net exports play a material role in raising periphery GDP.
主题	Macroeconomics ; Fiscal Policy ; International Economics ; International Macroeconomics
URL	https://www.nber.org/papers/w21426
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/579101
推荐引用方式 GB/T 7714	Olivier Blanchard,Christopher J. Erceg,Jesper Lindé. Jump Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?. 2015.