| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29134 |
| 来源ID | Working Paper 29134 |
| Fiscal Policy at the Zero Lower Bound without Rational Expectations | |
| Riccardo Bianchi Vimercati; Martin S. Eichenbaum; Joao Guerreiro | |
| 发表日期 | 2021-08-09 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We address the question of how sensitive is the power of fiscal policy in the ZLB to the assumption of rational expectations. We do so through the lens of a standard NK model in which people are level-k thinkers. Our analysis weakens the case for using government spending to stabilize the economy when the ZLB binds. The less sophis- ticated people are, the smaller is the size of the government-spending multiplier. Our analysis strengthens the case for using tax policy to stabilize output when the ZLB is binding. The power of tax policy to stabilize the economy during the ZLB period is essentially undiminished when agents do not have rational expectations. Finally, we show that the way in which tax policy is communicated is critical to its effectiveness. |
| 主题 | Macroeconomics ; Business Cycles ; Fiscal Policy |
| URL | https://www.nber.org/papers/w29134 |
| 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/586808 |
| 推荐引用方式 GB/T 7714 | Riccardo Bianchi Vimercati,Martin S. Eichenbaum,Joao Guerreiro. Fiscal Policy at the Zero Lower Bound without Rational Expectations. 2021. |
| 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 | ||
| w29134.pdf（815KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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