| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25571 |
| 来源ID | Working Paper 25571 |
| The Fiscal Multiplier | |
| Marcus Hagedorn; Iourii Manovskii; Kurt Mitman | |
| 发表日期 | 2019-02-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We measure the size of the fiscal multiplier using a heterogeneous-agent model with incomplete markets, capital and rigid prices and wages. The environment encompasses the essential elements necessary for a quantitative analysis of fiscal policy. First, output is partially demand-determined due to pricing frictions in product and labor markets, so that a fiscal stimulus increases aggregate demand. Second, incomplete markets deliver a realistic distribution of dynamic consumption and investment responses to stimulus policies across the population. These elements give rise to the standard textbook Keynesian-cross logic which, and unlike conventional wisdom would suggest, is significantly reinforced in our dynamic forward looking model. We find that market incompleteness is key to determining the size of the fiscal multiplier, which is uniquely determined in our model for any combination of fiscal and monetary policies of interest. The multiplier is 1.34 if deficit-financed and 0.61 if contemporaneously tax-financed for a pegged nominal interest rate, with similar values in a liquidity trap. If monetary policy follows a Taylor rule, the numbers drop to 0.66 and 0.54, respectively. We elucidate the importance of market incompleteness for our results and contrast them to models featuring complete markets or hand-to-mouth consumers. |
| 主题 | Microeconomics ; Market Structure and Distribution ; General Equilibrium ; Macroeconomics ; Consumption and Investment ; Fiscal Policy |
| URL | https://www.nber.org/papers/w25571 |
| 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/583245 |
| 推荐引用方式 GB/T 7714 | Marcus Hagedorn,Iourii Manovskii,Kurt Mitman. The Fiscal Multiplier. 2019. |
| 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 | ||
| w25571.pdf（713KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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