Arbeitspapier
Small and orthodox fiscal multipliers at the zero lower bound
Does fiscal policy have large and qualitatively different effects on the economy when the nominal interest rate is zero? An emerging consensus in the New Keynesian literature is that the answer is yes. New evidence provided here suggests that the answer is often no. For a broad range of empirically relevant parameterizations of the Rotemberg model of costly price adjustment, the government purchase multiplier is about one or less, and the response of hours to a tax cut is either negative or close to zero.
- Language
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Englisch
- Bibliographic citation
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Series: Working Paper ; No. 2013-13
- Classification
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Wirtschaft
- Subject
-
monetary policy
zero interest rate
fiscal multipliers
- Event
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Geistige Schöpfung
- (who)
-
Braun, R. Anton
Körber, Lena Mareen
Waki, Yuichiro
- Event
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Veröffentlichung
- (who)
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Federal Reserve Bank of Atlanta
- (where)
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Atlanta, GA
- (when)
-
2013
- Handle
- Last update
-
10.03.2025, 11:45 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
- Braun, R. Anton
- Körber, Lena Mareen
- Waki, Yuichiro
- Federal Reserve Bank of Atlanta
Time of origin
- 2013
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