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Understanding the effects of government spending on consumption

Author: Jordi Galí; J David López-Salido; Javier Vallés; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2005.
Series: Working paper series (National Bureau of Economic Research), no. 11578.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"Recent evidence suggests that consumption rises in response to an increase in government spending. That finding cannot be easily reconciled with existing optimizing business cycle models. We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jordi Galí; J David López-Salido; Javier Vallés; National Bureau of Economic Research.
OCLC Number: 61321680
Notes: August 2005.
Title from first page of PDF document.
Description: 1 online resource (45 pages) : illustrations (some color).
Series Title: Working paper series (National Bureau of Economic Research), no. 11578.
Responsibility: Jordi Galí, J. David López-Salido, Javier Vallés.

Abstract:

"Recent evidence suggests that consumption rises in response to an increase in government spending. That finding cannot be easily reconciled with existing optimizing business cycle models. We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of government spending"--NBER website.

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