Government spending multipliers: Is there a difference between government consumption and investment purchases?

被引：3

作者：

Haug, Alfred A. ^{[1
]}

Sznajderska, Anna ^{[2
]}

机构：

[1] Univ Otago, Dept Econ, POB 56, Dunedin 9054, New Zealand

[2] Warsaw Sch Econ, CESifo, Al Niepodległosci 162, PL-02554 Warsaw, Poland

来源：

JOURNAL OF MACROECONOMICS | 2024年 / 79卷

关键词：

Government investment and government; consumption multipliers; COVID-19; Local projections; INSTRUMENTAL VARIABLES REGRESSION; FISCAL-POLICY; SHOCKS; INFERENCE; MONETARY;

D O I：

10.1016/j.jmacro.2023.103584

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper empirically studies the U.S. multiplier effects of government investment, government consumption and total government purchases on output. We explore dependencies of the multipliers on states of the economy, measured in different ways. Using local projections with instrumental variables, we find that a model without state-dependencies and using total government spending (instead of its components) provides the best fit to post-WWII data. These results are robust to various alternative specifications. We account for the COVID-19 period with a pandemic stringency index and for monetary policy shocks with a shadow interest rate. The government spending multiplier is approximately 0.5.

引用

页数：20