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The composition of government spending and the multiplier at the Zero Lower Bound
Albertini, Julien; Poirier, Arthur; Roulleau-Pasdeloup, … - 2014
We investigate the size of the multiplier at the ZLB in a New keynesian model. It ranges from around -0.25 to +1 …
Persistent link: https://www.econbiz.de/10010251637
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State dependent fiscal multipliers with preferences over safe assests
Rannenberg, Ansgar - 2019
multiplier of a permanent expenditure change, moving it much closer to the multiplier of temporary expenditure changes. The …
Persistent link: https://www.econbiz.de/10012039135
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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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The Euro-Area Government Spending Multiplier at the Effective Lower Bound
Amendola, Adalgiso - 2019
economy is at the effective lower bound (ELB) or in normal times does not seem to matter for the size of the multiplier … average multiplier is about 1 in normal times and between 1.6 and 2.8 at the ELB, depending on the specification. The … difference between the two multipliers is distributed largely away from zero. More generally, the multiplier is inversely …
Persistent link: https://www.econbiz.de/10012866218
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How Can the Government Spending Multiplier Be Small at the Zero Lower Bound?
Ercolani, Valerio - 2018
Some recent empirical evidence questions the typically large size of government spending multipliers when the nominal interest rate is stuck at zero, finding output multipliers of around 1 or even lower, with an upper bound of around 1.5 in some circumstances. In this paper, we use a recent...
Persistent link: https://www.econbiz.de/10012919561
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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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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