The Government Spending Multiplier in a (Mis)Managed Liquidity Trap

被引：5

作者：

Roulleau-Pasdeloup, Jordan ^{[1
]}

机构：

[1] Natl Univ Singapore, Dept Econ, Singapore, Singapore

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2018年 / 50卷 / 2-3期

关键词：

zero lower bound; New Keynesian; government spending multiplier; OPTIMAL MONETARY-POLICY; NOMINAL INTEREST-RATES; FISCAL-POLICY; GREAT RECESSION; EXPECTATIONS; CHANNEL; US;

D O I：

10.1111/jmcb.12461

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

I study the impact of a government spending shock in a New Keynesian model when monetary policy is set optimally. In this framework, the economy is at the zero lower bound but expectations are well managed by the central bank. As such, the multiplier effect of government spending increases on expected inflation is close to zero while the one on output can be larger than one. This is consistent with recent empirical evidence on the effects of the 2009 American Recovery and Reinvestment Act.

引用

页码：293 / 315

页数：23

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