Targeted transfers and the fiscal response to the great recession

被引：105

作者：

Oh, Hyunseung ^{[1
]}

Reis, Ricardo ^{[1
,2
,3
]}

机构：

[1] Columbia Univ, Dept Econ, New York, NY 10027 USA

[2] NBER, Cambridge, MA 02138 USA

[3] CEPR, London, England

来源：

JOURNAL OF MONETARY ECONOMICS | 2012年 / 59卷

关键词：

GOVERNMENT; POLICY; SHOCKS; DEBT;

D O I：

10.1016/j.jmoneco.2012.10.025

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Between 2007 and 2009, government expenditures increased rapidly across the OECD countries. While economic research on the impact of government purchases has flourished, in the data, most of the increase in expenditures was in government transfers. After documenting this fact, we argue that future research should focus on the positive impact of transfers. Towards this, we present a model in which there is no representative agent and Ricardian equivalence does not hold because of uncertainty, imperfect credit markets, and nominal rigidities. Targeted lump-sum transfers are expansionary both because of a neoclassical wealth effect and because of a Keynesian aggregate demand effect. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：S50 / S64

页数：15