跳到内容
The fiscal multiplier 预览资料
关闭预览资料
正在检查...

The fiscal multiplier

著者: Marcus Hagedorn; Iourii Manovskii; Kurt E Mitman; National Bureau of Economic Research,
出版商: Cambridge, Mass. : National Bureau of Economic Research, 2019.
丛书: Working paper series (National Bureau of Economic Research), no. 25571.
版本/格式:   电子图书 : 文献 : 英语查看所有的版本和格式
提要:
We measure the size of the fiscal multiplier using a heterogeneous-agent model with incomplete markets, capital and rigid prices and wages. The environment encompasses the essential elements necessary for a quantitative analysis of fiscal policy. First, output is partially demand-determined due to pricing frictions in product and labor markets, so that a fiscal stimulus increases aggregate demand. Second, incomplete  再读一些...
评估:

(尚未评估) 0 附有评论 - 争取成为第一个。

主题
更多类似这样的

在线查找

与资料的链接

在图书馆查找

&AllPage.SpinnerRetrieving; 正在查找有这资料的图书馆...

详细书目

材料类型: 文献, 互联网资源
文档类型 互联网资源, 计算机文档
所有的著者/提供者: Marcus Hagedorn; Iourii Manovskii; Kurt E Mitman; National Bureau of Economic Research,
OCLC号码: 1086615141
注释: "February 2019"
描述: 1 online resource (68 pages) : illustrations.
丛书名: Working paper series (National Bureau of Economic Research), no. 25571.
责任: Marcus Hagedorn, Iourii Manovskii, Kurt Mitman.

摘要:

We measure the size of the fiscal multiplier using a heterogeneous-agent model with incomplete markets, capital and rigid prices and wages. The environment encompasses the essential elements necessary for a quantitative analysis of fiscal policy. First, output is partially demand-determined due to pricing frictions in product and labor markets, so that a fiscal stimulus increases aggregate demand. Second, incomplete markets deliver a realistic distribution of dynamic consumption and investment responses to stimulus policies across the population. These elements give rise to the standard textbook Keynesian-cross logic which, and unlike conventional wisdom would suggest, is significantly reinforced in our dynamic forward looking model. We find that market incompleteness is key to determining the size of the fiscal multiplier, which is uniquely determined in our model for any combination of fiscal and monetary policies of interest. The multiplier is 1.34 if deficit-financed and 0.61 if contemporaneously tax-financed for a pegged nominal interest rate, with similar values in a liquidity trap. If monetary policy follows a Taylor rule, the numbers drop to 0.66 and 0.54, respectively. We elucidate the importance of market incompleteness for our results and contrast them to models featuring complete markets or hand-to-mouth consumers.

评论

用户提供的评论
正在获取GoodReads评论...
正在检索DOGObooks的评论

标签

争取是第一个!
确认申请

你可能已经申请过这份资料。如果还是想申请,请选确认。

链接数据


Primary Entity

<http://www.worldcat.org/oclc/1086615141> # The fiscal multiplier
    a schema:MediaObject, schema:CreativeWork, schema:Book ;
    library:oclcnum "1086615141" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/8937596615#Topic/multiplier_economics_econometric_models> ; # Multiplier (Economics)--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/8937596615#Topic/monetary_policy_econometric_models> ; # Monetary policy--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/8937596615#Topic/fiscal_policy_econometric_models> ; # Fiscal policy--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/8937596615#Topic/liquidity_economics_econometric_models> ; # Liquidity (Economics)--Econometric models
    schema:author <http://experiment.worldcat.org/entity/work/data/8937596615#Person/manovskii_iourii> ; # Iourii Manovskii
    schema:author <http://experiment.worldcat.org/entity/work/data/8937596615#Person/mitman_kurt_e> ; # Kurt E. Mitman
    schema:author <http://experiment.worldcat.org/entity/work/data/8937596615#Person/hagedorn_marcus_1973> ; # Marcus Hagedorn
    schema:bookFormat schema:EBook ;
    schema:datePublished "2019" ;
    schema:description "We measure the size of the fiscal multiplier using a heterogeneous-agent model with incomplete markets, capital and rigid prices and wages. The environment encompasses the essential elements necessary for a quantitative analysis of fiscal policy. First, output is partially demand-determined due to pricing frictions in product and labor markets, so that a fiscal stimulus increases aggregate demand. Second, incomplete markets deliver a realistic distribution of dynamic consumption and investment responses to stimulus policies across the population. These elements give rise to the standard textbook Keynesian-cross logic which, and unlike conventional wisdom would suggest, is significantly reinforced in our dynamic forward looking model. We find that market incompleteness is key to determining the size of the fiscal multiplier, which is uniquely determined in our model for any combination of fiscal and monetary policies of interest. The multiplier is 1.34 if deficit-financed and 0.61 if contemporaneously tax-financed for a pegged nominal interest rate, with similar values in a liquidity trap. If monetary policy follows a Taylor rule, the numbers drop to 0.66 and 0.54, respectively. We elucidate the importance of market incompleteness for our results and contrast them to models featuring complete markets or hand-to-mouth consumers."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/8937596615> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/8937596615#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/8937596615#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:name "The fiscal multiplier"@en ;
    schema:productID "1086615141" ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/8937596615#Organization/national_bureau_of_economic_research> ; # National Bureau of Economic Research,
    schema:url <http://www.nber.org/papers/w25571> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/1086615141> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/8937596615#Organization/national_bureau_of_economic_research> # National Bureau of Economic Research,
    a schema:Organization ;
    schema:name "National Bureau of Economic Research," ;
    .

<http://experiment.worldcat.org/entity/work/data/8937596615#Person/hagedorn_marcus_1973> # Marcus Hagedorn
    a schema:Person ;
    schema:birthDate "1973" ;
    schema:familyName "Hagedorn" ;
    schema:givenName "Marcus" ;
    schema:name "Marcus Hagedorn" ;
    .

<http://experiment.worldcat.org/entity/work/data/8937596615#Person/manovskii_iourii> # Iourii Manovskii
    a schema:Person ;
    schema:familyName "Manovskii" ;
    schema:givenName "Iourii" ;
    schema:name "Iourii Manovskii" ;
    .

<http://experiment.worldcat.org/entity/work/data/8937596615#Person/mitman_kurt_e> # Kurt E. Mitman
    a schema:Person ;
    schema:familyName "Mitman" ;
    schema:givenName "Kurt E." ;
    schema:name "Kurt E. Mitman" ;
    .

<http://experiment.worldcat.org/entity/work/data/8937596615#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1086615141> ; # The fiscal multiplier
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/8937596615#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1086615141> ; # The fiscal multiplier
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/8937596615#Topic/fiscal_policy_econometric_models> # Fiscal policy--Econometric models
    a schema:Intangible ;
    schema:name "Fiscal policy--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/8937596615#Topic/liquidity_economics_econometric_models> # Liquidity (Economics)--Econometric models
    a schema:Intangible ;
    schema:name "Liquidity (Economics)--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/8937596615#Topic/monetary_policy_econometric_models> # Monetary policy--Econometric models
    a schema:Intangible ;
    schema:name "Monetary policy--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/8937596615#Topic/multiplier_economics_econometric_models> # Multiplier (Economics)--Econometric models
    a schema:Intangible ;
    schema:name "Multiplier (Economics)--Econometric models"@en ;
    .


Content-negotiable representations

关闭窗口

请登入WorldCat 

没有张号吗?很容易就可以 建立免费的账号.