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Main Library
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When Is the Government Spending Multiplier Large?
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- Author(s): Christiano, Lawrence; Eichenbaum, Martin; Rebelo, Sergio
- Source:
Journal of Political Economy; Feb2011, Vol. 119 Issue 1, p78-121, 44p, 7 Graphs- Subject Terms:
- Source:
- Additional Information
- Abstract: We argue that the government-spending multiplier can be much larger than one when the zero lower bound on the nominal interest rate binds. The larger the fraction of government spending that occurs while the nominal interest rate is zero, the larger the value of the multiplier. After providing intuition for these results, we investigate the size of the multiplier in a dynamic, stochastic, general equilibrium model. In this model the multiplier effect is substantially larger than one when the zero bound binds. Our model is consistent with the behavior of key macro aggregates during the recent financial crisis. [ABSTRACT FROM AUTHOR]
- Abstract: Copyright of Journal of Political Economy is the property of University of Chicago and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Abstract:
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