Arbeitspapier
Government spending multipliers under the zero lower bound: Evidence from Japan
Using a rich data set on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). The on-impact output multiplier is 1.5 in the ZLB period, and 0.6 outside of it. We estimate that government spending shocks increase both private consumption and investment during the ZLB period but crowd them out in the normal period. There is evidence that expected inflation increases by more in the ZLB period than in the normal period.
- Language
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Englisch
- Bibliographic citation
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Series: Bank of Canada Staff Working Paper ; No. 2017-40
- Classification
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Wirtschaft
Business Fluctuations; Cycles
Fiscal Policy
- Subject
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Fiscal policy
Economic models
Öffentliche Ausgaben
Multiplikator
Niedrigzinspolitik
Neoklassische Synthese
Theorie
Japan
- Event
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Geistige Schöpfung
- (who)
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Miyamoto, Wataru
Nguyen, Thuy Lan
Sergeyev, Dmitriy
- Event
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Veröffentlichung
- (who)
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Bank of Canada
- (where)
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Ottawa
- (when)
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2017
- DOI
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doi:10.34989/swp-2017-40
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Miyamoto, Wataru
- Nguyen, Thuy Lan
- Sergeyev, Dmitriy
- Bank of Canada
Time of origin
- 2017
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