Bouakez, Hafedh; Guillard, Michel; Roulleau-Pasdeloup, … - Centre Interuniversitaire sur le Risque, les Politiques … - 2014
stock of public capital-which is an external input in the production technology-subject to a time-to-build constraint. In … under relatively short time-to-build delays, the spending multiplier at the ZLB decreases with the fraction of public … spending multiplier at the ZLB is 4 to 5 times larger than in normal times when the time to build is 12 quarters. …