Arbeitspapier
Fiscal stimulus and distortionary taxation
We quantify the fiscal multipliers in response to the American Recovery and Reinvestment Act (ARRA) of 2009. We extend the benchmark Smets-Wouters (Smets and Wouters, 2007) New Keynesian model, allowing for credit-constrained households, the zero lower bound, government capital and distortionary taxation. The posterior yields modestly positive short-run multipliers around 0.52 and modestly negative long-run multipliers around -0.42. The multiplier is sensitive to the fraction of transfers given to credit-constrained households, the duration of the zero lower bound and the capital. The stimulus results in negative welfare effects for unconstrained agents. The constrained agents gain, if they discount the future substantially.
- Sprache
-
Englisch
- Erschienen in
-
Series: ZEW Discussion Papers ; No. 11-037
- Klassifikation
-
Wirtschaft
Fiscal Policy
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
Studies of Particular Policy Episodes
Taxation, Subsidies, and Revenue: General
National Deficit; Surplus
- Thema
-
Fiscal Stimulus
New Keynesian model
liquidity trap
zero lower bound
fiscal multiplier
Konjunkturpolitik
Finanzpolitik
Multiplikator
Steuerprogression
Zinspolitik
Verschuldungsrestriktion
Schätzung
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Drautzburg, Thorsten
Uhlig, Harald
- Ereignis
-
Veröffentlichung
- (wer)
-
Zentrum für Europäische Wirtschaftsforschung (ZEW)
- (wo)
-
Mannheim
- (wann)
-
2011
- Handle
- URN
-
urn:nbn:de:bsz:180-madoc-31881
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Drautzburg, Thorsten
- Uhlig, Harald
- Zentrum für Europäische Wirtschaftsforschung (ZEW)
Entstanden
- 2011
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