Persistent government spending and fiscal multipliers: The investment-channel

被引:8
作者
Dupaigne, Martial [1 ,3 ]
Feve, Patrick [2 ]
机构
[1] Toulouse Sch Econ, Toulouse, France
[2] Univ Toulouse Capitole, Toulouse Sch Econ, Toulouse, France
[3] Univ Paul Valery Montpellier, Montpellier, France
基金
欧盟地平线“2020”;
关键词
Government Spending Multipliers; DSGE models; Capital Accumulation; Labor Supply; Market Imperfections; INDIVISIBLE LABOR; POLICY; SHOCKS; OUTPUT;
D O I
10.1016/j.euroecorev.2016.09.004
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper inspects the mechanism shaping government spending multipliers in various small-scale DSGE setups with endogenous labor supply and capital accumulation. We analytically characterize the short-run investment multiplier, which in equilibrium can be either positive or negative. The investment multiplier increases with the persistence of the exogenous government spending process. The response of investment to government spending shocks strongly affects short-run multipliers on output and consumption. (C) 2016 Elsevier B.V. All rights reserved.
引用
收藏
页码:425 / 453
页数:29
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