| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29558 |
| 来源ID | Working Paper 29558 |
| The Missing Intercept: A Demand Equivalence Approach | |
| Christian K. Wolf | |
| 发表日期 | 2021-12-13 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | I give conditions under which changes in private spending are accommodated in general equilibrium exactly like changes in aggregate fiscal expenditure. Under such demand equivalence, researchers can use time series evidence on fiscal multipliers to recover the general equilibrium "missing intercept" of shocks to private spending identified in the cross section. I apply this method to deficit-financed stimulus checks, and find a) a large direct consumption spending response, and b) a fiscal multiplier of one and so a missing intercept close to zero. I also discuss the robustness of this aggregation approach to empirically plausible violations of demand equivalence. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Fiscal Policy |
| URL | https://www.nber.org/papers/w29558 |
| 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/587232 |
| 推荐引用方式 GB/T 7714 | Christian K. Wolf. The Missing Intercept: A Demand Equivalence Approach. 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 | ||
| w29558.pdf（743KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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