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来源类型Working Paper
规范类型报告
DOI10.3386/w29619
来源IDWorking Paper 29619
Fiscal Policy in a Networked Economy
Joel P. Flynn; Christina Patterson; John Sturm
发表日期2022-01-03
出版年2022
语种英语
摘要Advanced economies feature complicated networks that connect households, firms, and regions. How do these structures affect the impact of fiscal policy and its optimal targeting? We study these questions in a model with input-output linkages, regional structure, and household heterogeneity in MPCs, consumption baskets, and shock exposures. Theoretically, we derive estimable formulae for the effects of fiscal policies on aggregate GDP, or fiscal multipliers, and show how network structures determine their size. Empirically, we find that multipliers vary substantially across policies, so targeting is important. Beneath these aggregate effects are large spatial and sectoral spillovers from policies directed to any one firm or household. However, virtually all variation in multipliers stems from differences in policies’ direct incidence onto households’ MPCs. Thus, while the distributional effects of fiscal policy depend on the detailed structure of the economy, maximally expansionary fiscal policy simply targets households’ MPCs.
主题Macroeconomics ; Fiscal Policy
URLhttps://www.nber.org/papers/w29619
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/587292
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GB/T 7714
Joel P. Flynn,Christina Patterson,John Sturm. Fiscal Policy in a Networked Economy. 2022.
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