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

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

multiplier is 1.5 in the ZLB period, and 0.6 outside of it. We estimate that government spending shocks increase both private …

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

Explaining the aggregate price level with Keynes's principle of effective demand

Hartwig, Jochen - 2004

The conventional wisdom about Keynes's Principle of Effective Demand is that it states something about quantities. It is widely held that the Principle determines the levels of output and employment in a world not governed by Say's Law. This paper argues that the Principle of Effective Demand...

Persistent link: https://www.econbiz.de/10010285937

Fiscal multipliers and the labour market in the open economy

Faia, Ester; Lechthaler, Wolfgang; Merkl, Christian - 2010

Several contributions have recently assessed the size of fiscal multipliers both in RBC models and New Keynesian models. None of the studies considers a model with frictional labour markets which is a crucial element, particularly at times in which much of the fiscal stimulus has been directed...

Persistent link: https://www.econbiz.de/10010277962

Does trade integration alter monetary policy transmission?

Cwik, Tobias J.; Müller, Gernot J.; Wolters, Maik H. - 2008

This paper explores the role of trade integrationor opennessfor monetary policy transmission in a medium-scale New Keynesian model. Allowing for strategic complementarities in price-setting, we highlight a new dimension of the exchange rate channel by which monetary policy directly impacts...

Persistent link: https://www.econbiz.de/10010303676

Mitigating Double Taxation in an Open Economy

Lindhe, Tobias - 2001

The interaction of various methods of mitigating economic and international double taxation of corporate source income is studied within a standard neoclassical model of firm behavior. The main purpose is to determine to what extent methods effective in mitigating economic double taxation in a...

Persistent link: https://www.econbiz.de/10010321707

What is global excess liquidity, and does it matter?

Rüffer, Rasmus; Stracca, Livio - 2006

This paper endeavours to provide a comprehensive analysis of the nature and the possible importance of “global excess liquidity”, a concept which has attracted considerable attention in recent years. The contribution of this paper is threefold. First, we present some conceptual discussion on...

Persistent link: https://www.econbiz.de/10011604742

Understanding the effects of government spending on consumption

Galí, Jordi; Vallés, Javier; Wolman, Alexander L. - 2003

Recent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of...

Persistent link: https://www.econbiz.de/10010298292

Government expenditures and unemployment: A DSGE perspective

Mayer, Eric; Moyen, Stéphane; Stähler, Nikolai - 2010

's parameters, we find that the size of the fiscal (unemployment) multiplier increases with i) highly sticky prices, ii) high …

Persistent link: https://www.econbiz.de/10010301351

Trend growth and the dynamic effects of government spending

Tesfaselassie, Mewael F. - 2011

consumption and the government spending multiplier, given that consumption and labor are somewhat complementary. …

Persistent link: https://www.econbiz.de/10010278023

Fiscal policy multipliers in a new Keynesian model under positive and zero nominal interest rate

Kaszab, Lorant - 2011

that sales tax cut multiplier can be well above one (joint with government spending) when zero lower bound on nominal … multiplier of government spending that is very close to the one in Bernstein and Romer (2009) but later declines with horizon in … multiplier calculated similarly to Campolmi et al. (2010) implies roughly the same value for both types of preferences for …

Persistent link: https://www.econbiz.de/10010288797

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