The effects of government spending shocks on consumption under optimal stabilization

被引：16

作者：

Horvath, Michal ^{[1
,2
]}

机构：

[1] Univ Oxford, Dept Econ, Oxford OX1 3UQ, England

[2] Univ Oxford Nuffield Coll, Oxford OX1 3UQ, England

来源：

EUROPEAN ECONOMIC REVIEW | 2009年 / 53卷 / 07期

关键词：

Consumption; Government spending; Optimal monetary and fiscal policy; Non-separable preferences; Non-Ricardian agents; MONETARY-POLICY; STICKY PRICES; FISCAL-POLICY; RULE; PARTICIPATION; EXPECTATIONS; FRAMEWORK; CONSUMERS; MODELS;

D O I：

10.1016/j.euroecorev.2009.01.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Economic theory has yet to come up with a general guidance regarding the dynamic effects and welfare implications of shocks to Public spending. With the aim to provide a theoretical benchmark. we analyse if a rise in private consumption following an exogenous rise in government spending is a feature of the economy under optimal stabilization in a standard New Keynesian setting augmented for the presence of liquidity-constraitied agents and non-separable preferences. Our results provide little evidence in Support of a crowding-in effect under 'timelessly optimal' policy. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：815 / 829

页数：15

共 32 条

[1] Rule-of-thumb behaviour and monetary policy [J].