THE OUTPUT, EMPLOYMENT, AND INTEREST-RATE EFFECTS OF GOVERNMENT CONSUMPTION

被引：129

作者：

AIYAGARI, SR

CHRISTIANO, LJ

EICHENBAUM, M

机构：

[1] FED RESERVE BANK CHICAGO,CHICAGO,IL 60604

[2] NATL BUR ECON RES,CAMBRIDGE,MA 02138

[3] NORTHWESTERN UNIV,EVANSTON,IL 60201

来源：

JOURNAL OF MONETARY ECONOMICS | 1992年 / 30卷 / 01期

基金：

美国国家科学基金会;

关键词：

D O I：

10.1016/0304-3932(92)90045-4

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the impact on aggregate variables of changes in government consumption using the neoclassical stochastic growth model. We show, theoretically, that the impact on output and employment of a persistent change in government consumption exceeds that of a temporary change. We also show that, in principle, there can be an analog to the Keynesian multiplier in the neoclassical growth model. Finally, in an empirically plausible version of the model, we show that the interest rate impact of a persistent government consumption shock exceeds that of a temporary one. Our results provide counterexamples to existing claims in the literature.

引用

页码：73 / 86

页数：14