Great recession, slow recovery and muted fiscal policies in the US

被引：8

作者：

Albonico, Alice ^{[1
,3
]}

Paccagnini, Alessia ^{[2
]}

Tirelli, Patrizio ^{[3
]}

机构：

[1] JRC, European Commiss, Ispra, VA, Italy

[2] Univ Coll Dublin, Dublin, Ireland

[3] Univ Milano Bicocca, Bicocca, Italy

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2017年 / 81卷

关键词：

DSGE; Limited asset market participation; Bayesian estimation; US economy; Business cycle; Monetary policy; Fiscal policy; BUSINESS CYCLES; DSGE-MODELS; CONSUMPTION; FRICTIONS; STIMULUS; RIGIDITIES; SHOCKS;

D O I：

10.1016/j.jedc.2016.10.012

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the subsequent jobless recovery is explained by the ZLB effect. We estimate a fraction of Non-Ricardian households which is close to 50%, and obtain comparatively large fiscal multipliers. However we cannot detect a significant contribution of fiscal policies in stabilizing the US economy. For instance, the 2007-2009 large increase in expenditure-to-GDP ratios was apparently determined by the adverse non-policy shocks that caused the recession. (C) 2016 Elsevier B.V. All rights reserved.

引用

收藏

页码：140 / 161

页数：22

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