Global effects of fiscal stimulus during the crisis

被引：33

作者：

Freedman, Charles ^{[2
]}

Kumhof, Michael ^{[1
]}

Laxton, Douglas ^{[1
]}

Muir, Dirk ^{[1
]}

Mursula, Susanna ^{[1
]}

机构：

[1] Int Monetary Fund, Modeling Unit, Washington, DC 20431 USA

[2] Carleton Univ, Ottawa, ON K1S 5B6, Canada

来源：

JOURNAL OF MONETARY ECONOMICS | 2010年 / 57卷 / 05期

基金：

美国国家科学基金会;

关键词：

Fiscal stimulus; Crowding-out; Financial crisis; Non-Ricardian households; Government deficits; Government debt; Macro-financial linkages; PRICES; POLICY;

D O I：

10.1016/j.jmoneco.2010.05.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The IMF's Global Integrated Monetary and Fiscal Model is used to compute short-run multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary accommodation and the presence of a financial accelerator mechanism. A permanent 10 percentage point increase in the US debt to GDP ratio raises the US tax burden and world real interest rates in the long run, thereby reducing US and rest of the world output by 0.3-0.6 percent and 0.2-0.3 percent, respectively. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：506 / 526

页数：21

共 39 条

[1]

[Anonymous], IMF WORKING PAPERS

[2]

[Anonymous], 2005, OECD EC DEP WORKING

[3]

[Anonymous], BROOKING PAPERS EC A

[4] ARE GOVERNMENT BONDS NET WEALTH [J].