Effects of Fiscal Stimulus in Structural Models

被引：223

作者：

Coenen, Guenter ^{[1
]}

Erceg, Christopher J. ^{[2
]}

Freedman, Charles ^{[3
]}

Furceri, Davide ^{[4
]}

Kumhof, Michael ^{[5
]}

Lalonde, Rene ^{[6
]}

Laxton, Douglas ^{[5
]}

Linde, Jesper ^{[2
]}

Mourougane, Annabelle ^{[7
]}

Muir, Dirk ^{[5
]}

Mursula, Susanna ^{[5
]}

de Resende, Carlos ^{[6
]}

Roberts, John ^{[2
]}

Roeger, Werner ^{[8
]}

Snudden, Stephen ^{[5
]}

Trabandt, Mathias ^{[1
]}

Veld, Jan In't ^{[8
]}

机构：

[1] ECB, Directorate Gen Res, D-60311 Frankfurt, Germany

[2] Fed Reserve Board, Washington, DC 20551 USA

[3] Carleton Univ, Dept Econ, Ottawa, ON K1H 5T3, Canada

[4] Univ Palermo, I-90128 Palermo, Italy

[5] IMF, Res Dept, Modeling Unit, Washington, DC 20431 USA

[6] Bank Canada, Int Econ Anal Dept, Ottawa, ON K1A 0G9, Canada

[7] OECD, Dept Econ, F-75775 Paris 16, France

[8] Commiss European Communities, DG ECFIN, B-1049 Brussels, Belgium

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2012年 / 4卷 / 01期

关键词：

BUSINESS CYCLES; EURO AREA; BUDGET DEFICITS; MONETARY; POLICY; EXPENDITURE; GROWTH; PRICES;

D O I：

10.1257/mac.4.1.22

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The paper subjects seven structural DSGE models, all used heavily by policymaking institutions, to discretionary fiscal stimulus shocks using seven different fiscal instruments, and compares the results to those of two prominent academic DSGE models. There is considerable agreement across models on both the absolute and relative sizes of different types of fiscal multipliers. The size of many multipliers is large, particularly for spending and targeted transfers. Fiscal policy is most effective if it has moderate persistence and if monetary policy is accommodative. Permanently higher spending or deficits imply significantly lower initial multipliers.

引用

页码：22 / 68

页数：47

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