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Sticky prices versus sticky information : does it matter for policy paradoxes?

Author: Gauti B Eggertsson; Vaishali Garga; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2017.
Series: Working paper series (National Bureau of Economic Research), no. 23961.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper shows that government spending multiplier at the zero lower bound (ZLB) is larger under sticky information than under sticky prices. Similarly, well known paradoxes, e.g., the paradox of toil and the paradox of flexibility become more severe under sticky information. For the case of sticky information it is important to assume that the fiscal policy intervention coincides with the duration of zero  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Gauti B Eggertsson; Vaishali Garga; National Bureau of Economic Research,
OCLC Number: 1008786332
Notes: "October 2017"
Description: 1 online resource (19, A.9 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 23961.
Other Titles: Sticky prices vs. sticky information
Responsibility: Gauti B. Eggertsson, Vaishali Garga.

Abstract:

This paper shows that government spending multiplier at the zero lower bound (ZLB) is larger under sticky information than under sticky prices. Similarly, well known paradoxes, e.g., the paradox of toil and the paradox of flexibility become more severe under sticky information. For the case of sticky information it is important to assume that the fiscal policy intervention coincides with the duration of zero interest rates, while such distinction is less important in some special cases for sticky prices. This allows us to unify and clarify results that may appear to contradict each other in the literature.

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