Arbeitspapier
New Keynesian versus old Keynesian government spending multipliers
Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modeling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an alternative empirically-estimated and widely-cited new Keynesian model are much smaller than in these old Keynesian models; the estimated stimulus is extremely small with GDP and employment effects only one-sixth as large.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFS Working Paper ; No. 2009/17
- Klassifikation
-
Wirtschaft
Model Evaluation, Validation, and Selection
Fiscal Policy
- Thema
-
Fiscal Multiplier
New Keynesian Model
Fiscal Stimulus
Government Spending
Macroeconomic Modeling
Finanzpolitik
Öffentliche Ausgaben
Keynesianismus
Multiplikator
Schätzung
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Cogan, John F.
Cwik, Tobias J.
Taylor, John B.
Wieland, Volker
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2009
- Handle
- URN
-
urn:nbn:de:hebis:30-68369
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Cogan, John F.
- Cwik, Tobias J.
- Taylor, John B.
- Wieland, Volker
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2009
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