Arbeitspapier
New Keynesian versus old Keynesian government spending multipliers: A comment
Cogan et al. (2009, 2010) claim that the stimulus package passed by the United States Congress in February 2009 had a multiplier far below one. However, the stimulus’ multiplier strongly depends on the assumed monetary policy response. Based on official statements from the Fed chairman, the economic outlook, past behavior of the FOMC, optimal policy considerations, and financial market expectations, we find that in February 2009 a period of monetary accommodation of three years would have been a reasonable prediction. This implies that an appropriate real time assessment of the stimulus’ effects would have been more optimistic than Cogan et al.’s.
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeiträge ; No. 2014/6
- Klassifikation
-
Wirtschaft
Central Banks and Their Policies
Fiscal Policy
Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
Money and Interest Rates: Forecasting and Simulation: Models and Applications
- Thema
-
Obama fiscal stimulus
fiscal multiplier
interest rate forecasts
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hughes Hallett, Andrew
Rannenberg, Ansgar
Schreiber, Sven
- Ereignis
-
Veröffentlichung
- (wer)
-
Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft
- (wo)
-
Berlin
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
2025-03-10T11:46:19+0100
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
- Hughes Hallett, Andrew
- Rannenberg, Ansgar
- Schreiber, Sven
- Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft
Entstanden
- 2014
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