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The government spending multiplier at the zero lower bound : evidence from the United States
Di Serio, Mario; Fragetta, Matteo; Gasteiger, Emanuel - 2020
We estimate state-dependent government spending multipliers for the United States. We use a Factor-Augmented Interacted Vector Autoregression (FAIVAR) model. This allows us to capture the time-varying monetary policy characteristics including the recent zero interest rate lower bound (ZLB)...
Persistent link: https://www.econbiz.de/10012209159
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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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Determinants of fiscal multipliers revisited
Horváth, Roman; Kaszab, Lorant; Marsal, Ales; … - 2019
We generalize a simple New Keynesian model and show that a flattening of the Phillips curve reduces the size of fiscal multipliers at the zero lower bound (ZLB) on the nominal interest rate. The factors behind the flatting are consistent with micro- and macroeconomic empirical evidence: it is a...
Persistent link: https://www.econbiz.de/10012111527
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The short- and long-run effects of fiscal consolidation in dynamic general equilibrium : conference paper
Schwarzmüller, Tim; Wolters, Maik H. - 2014 - Very preliminary, work in progress!
ordering these consolidation strategies by multiplier size or their welfare consequences leads to very different rankings. With …
Persistent link: https://www.econbiz.de/10010486056
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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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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/10011777949
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Government Spending Multipliers Under the Zero Lower Bound : Evidence from Japan
Miyamoto, Wataru - 2016
multiplier is 1.5 in the ZLB period, and 0.6 outside of it. We argue that these results are not driven by the amount of slack in …
Persistent link: https://www.econbiz.de/10012979784
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Optimal Government Spending at the Zero Lower Bound : A Non-Ricardian Analysis
Nakata, Taisuke - 2015
This paper analyzes the implications of distortionary taxation and debt financing for optimal government spending policy in a sticky-price economy where the nominal interest rate is subject to the zero lower bound constraint. Regardless of the type of tax available and the initial debt level,...
Persistent link: https://www.econbiz.de/10013020784
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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
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Fiscal multipliers and the choice of zero lower bound modeling
Siemsen, Thomas; Watzka, Sebastian - 2013
multiplier. To this end we contrast two different ways to implement the ZLB in a New Keynesian model: the ZLB modeled as an … multiplier are not only due to differences in the timing assumption of government spending but also driven by the choice of the … ZLB modeling. Ceteris paribus, the impact multiplier is higher if the ZLB is modeled appropriately as a constraint. …
Persistent link: https://www.econbiz.de/10009772911