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Fiscal Multipliers at the Zero Lower Bound : The Role of Policy Inertia

Hills, Timothy - 2015

multiplier nontrivially when the policy rate is constrained at the zero lower bound (ZLB). In the economy with policy inertia … the recession via expectations. In our baseline calibration, the output multiplier at the ZLB is 2.5 when the weight on …

Persistent link: https://www.econbiz.de/10013031117

Why are fiscal multipliers moderate even under monetary accommodation?

Bredemeier, Christian; Jüßen, Falko; Schabert, Andreas - 2021 - This version: March 23, 2021

The COVID-19 pandemic forced much of the world to adapt suddenly to severe restrictions. In this study, we attempt to quantify the impact of the pandemic on student performance in higher education. To collect data on important covariates, we conducted a survey among first-year students of...

Persistent link: https://www.econbiz.de/10012499494

Fiscal multipliers in a monetary union under the zero-lower-bound constraint

Flotho, Stefanie - In: Macroeconomic dynamics 19 (2015) 6, pp. 1171-1194

Persistent link: https://www.econbiz.de/10011439753

Expectations formation, sticky prices, and the ZLB

Bersson, Betsy; Hürtgen, Patrick; Paustian, Matthias - 2019

At the zero lower bound (ZLB), expectations about the future path of monetary or fiscal policy are crucial. We model expectations formation under level-k thinking, a form of bounded rationality introduced by García-Schmidt and Woodford (2019) and Farhi and Werning (2017), consistent with...