WHAT DO BRITISH HISTORICAL DATA TELL US ABOUT GOVERNMENT SPENDING MULTIPLIERS?

被引：0

作者：

Watanabe, Shingo ^{[1
]}

机构：

[1] Bank Japan, Inst Monetary & Econ Studies, Econ & Financial Studies Div, Tokyo 1038660, Japan

来源：

ECONOMIC INQUIRY | 2019年 / 57卷 / 02期

关键词：

INDUSTRIAL-REVOLUTION; INTEREST-RATES; FISCAL SHOCKS; WAR; DEFICITS; GROWTH;

D O I：

10.1111/ecin.12746

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

British data from the early 1700s through World War I reflect the results of numerous high-quality natural experiments of government spending. Britain frequently participated in wars, increasing military spending massively. Wartime distortions were relatively limited because the government generally adopted tax smoothing policy and rarely implemented interventions. Government spending multiplier estimates are low or negative and significantly below unity. This paper finds no evidence that the multiplier was higher in the slack state than in the normal state.

引用

页码：1141 / 1162

页数：22

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