| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27034 |
| 来源ID | Working Paper 27034 |
| Big G | |
| Lydia Cox; Gernot Müller; Ernesto Pastén; Raphael Schoenle; Michael Weber | |
| 发表日期 | 2020-04-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Big G typically refers to aggregate government spending on a homogeneous good. In this paper, we open up this construct by analyzing the entire universe of procurement contracts of the US government and establish five facts. First, government spending is granular, that is, it is concentrated in relatively few firms and sectors. Second, relative to private expenditures its composition is biased. Third, procurement contracts are short-lived. Fourth, idiosyncratic variation dominates the fluctuation of spending. Last, government spending is concentrated in sectors with relatively sticky prices. Accounting for these facts within a stylized New Keynesian model offers new insights into the fiscal transmission mechanism: fiscal shocks hardly impact inflation, little crowding out of private expenditure exists, and the multiplier tends to be larger compared to a one-sector benchmark aligning the model with the empirical evidence. |
| 主题 | Macroeconomics ; Business Cycles ; Fiscal Policy |
| URL | https://www.nber.org/papers/w27034 |
| 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/584706 |
| 推荐引用方式 GB/T 7714 | Lydia Cox,Gernot Müller,Ernesto Pastén,et al. Big G. 2020. |
| 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 | ||
| w27034.pdf（603KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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