Similar Search Results

Government spending multipliers under the zero lower bound: Evidence from Japan

Miyamoto, Wataru; Nguyen, Thuy Lan; Sergeyev, Dmitriy - 2017

Using a rich data set on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). The on-impact output multiplier is 1.5 in the ZLB period, and 0.6 outside of it....

Persistent link: https://www.econbiz.de/10012014448

Sources of borrowing and fiscal multipliers

Priftis, Romanos; Zimic, Srecko - 2018

This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors...

Persistent link: https://www.econbiz.de/10012014487

Non-Performing loans fiscal costs and credit expansion in China

Bi, Huixin; Cao, Yongquan; Dong, Wei - 2018

lead to higher credit multipliers at all horizons, as the benefits of persistently alleviating firms' borrowing constraint …

Persistent link: https://www.econbiz.de/10012014508

(Un)conventional monetary and fiscal policy

Wu, Jing Cynthia; Xie, Yinxi - 2023

policy is fully tax financed. Compared with these three policies, conventional monetary policy is more inflationary for the … same amount of stimulus. QE and transfers have redistribution consequences, whereas government spending and conventional … monetary policy do not. Ricardian equivalence breaks down: tax-financed fiscal policy is more stimulative than debt …

Persistent link: https://www.econbiz.de/10014544425

What people believe about monetary finance and what we can('t) do about it: Evidence from a large-scale, multi-country survey experiment

Hommes, Cars H.; Pinter, Julien; Salle, Isabelle - 2023

affects the respondents' views by shifting their inflation and tax expectations associated to these policies. …

Persistent link: https://www.econbiz.de/10014544579

International portfolio rebalancing and fiscal policy spillovers

Alpanda, Sami; Aysun, Uluc; Kabaca, Serdar - 2023

We evaluate, both empirically and theoretically, the spillover effects that debt-financed fiscal policy interventions of the United States have on other economies. We first consider a two-country dynamic stochastic general equilibrium model with international portfolio rebalancing effects...

Persistent link: https://www.econbiz.de/10014544594

Fiscal stimulus and skill accumulation over the life cycle

Simon, Laure - 2023

Using micro data from the U.S. Consumer Expenditure Survey and Current Population Survey, I document that government spending shocks affect individuals differently over the life cycle. Young households increase their consumption after an expansionary shock while prime-age households reduce it,...

Persistent link: https://www.econbiz.de/10014544601

Gazing at r-star: A hysteresis perspective

Beaudry, Paul; Kartashova, Katya; Meh, Césaire Assah - 2023

Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to...

Persistent link: https://www.econbiz.de/10014544603

Understanding inflation dynamics: The role of government expenditures

Liu, Chang; Xie, Yinxi - 2023

This paper studies the impact government expenditure has on inflation by examining an augmented Phillips curve implied from a structural New Keynesian model, Our estimation results, based on external instruments, show that the augmented Phillips curve has a flatter slope than the canonical...

Persistent link: https://www.econbiz.de/10014544605

The impact of unemployment insurance and unsecured credit on business cycles

Irwin, Michael - 2023

I study how unsecured credit affects the extent to which unemployment insurance (UI) policies smooth cyclical fluctuations in aggregate consumption. To do so, I develop a real business cycle model with incomplete asset markets, frictional labor markets, and defaultable debt. Using empirically...

Persistent link: https://www.econbiz.de/10014544670