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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
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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...
Persistent link: https://www.econbiz.de/10012101259
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Gibson's paradox, monetary policy, and the emergence of cycles
Hannsgen, Greg (contributor) - 2004
Many empirical studies have found that interest rate have a positive effect on the price level. This paper pursues an obvious, but neglected explanation: interest payments are a cost of production that is at least in part passed on to costumers. A model shows that the cost-push effect of...
Persistent link: https://www.econbiz.de/10003209912
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Gibson's Paradox, Monetary Policy, and the Emergence of Cycles
Hannsgen, Greg - 2004
Many empirical studies have found that interest rate increases have a positive effect on the price level. This paper pursues an obvious, but neglected explanation: interest payments are a cost of production that is at least in part passed on to customers. A model shows that the cost-push effect...
Persistent link: https://www.econbiz.de/10014070515
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The impacts of credit standards on aggregate fluctuations in a small open economy : the role of monetary policy
Le, Hai - In: Economies : open access journal 9 (2021) 4, pp. 1-26
Empirical evidence demonstrates that credit standards, including lending margins and collateral requirements, move in a countercyclical direction. In this study, we construct a small open economy model with financial frictions to generate the countercyclical movement in credit standards. Our...
Persistent link: https://www.econbiz.de/10012800343
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Fiscal Policy Interventions at the Zero Lower Bound
Boubaker, Sabri - 2018
fiscal policy interventions caused by government purchases. We estimate the government spending multiplier to be above 1 …
Persistent link: https://www.econbiz.de/10012934551
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Fiscal policy dynamics under a consolidation constraint : evidence from a sign-restricted SVAR with orthogonalized business cycle and monetary policy for Australia
Inchauspe, Julian - In: Applied economics 53 (2021) 34, pp. 3992-4016
Persistent link: https://www.econbiz.de/10012589552
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Policy Multipliers Under an Interest Rate Peg of Deterministic Versus Stochastic Duration
Carlstrom, Charles T. - 2013
This paper revisits the size of the fiscal multiplier. The experiment is a fiscal expansion under the assumption of a … periods, the fiscal multiplier can be unboundedly large. However, if the monetary-fiscal expansion is for fixed T periods, the … multiplier is much smaller. Our explanation rests on a Jensen's inequality-type argument: the deterministic multiplier is convex …
Persistent link: https://www.econbiz.de/10013080493
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Should the fiscal authority avoid implementation lag?
Eguchi, Masataka; Niwa, Hidekazu; Tsuruga, Takayuki - 2022
Implementation lags are one of policymakers' concerns about fiscal policies, as these may reduce their efficacy. Using a standard New Keynesian model with an effective lower bound on the nominal interest rate, we compare the impacts of fiscal stimulus on output across various lengths of...
Persistent link: https://www.econbiz.de/10013449404
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Endogenous technology, scarring and fiscal policy
Schmöller, Michaela - 2022
growth-enhancing investment and thus the long-run trend, generating a positive trend multiplier. Multipliers of fiscal growth …
Persistent link: https://www.econbiz.de/10013463787