| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29619 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w29619 |
| 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/587292 |
| 推荐引用方式 GB/T 7714 | Joel P. Flynn,Christina Patterson,John Sturm. Fiscal Policy in a Networked Economy. 2022. |
| 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 | ||
| w29619.pdf（2261KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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