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FISCAL MULTIPLIERS IN A MONETARY UNION UNDER THE ZERO–LOWER–BOUND CONSTRAINT
Macroeconomic dynamics, 2015-09, Vol.19 (6), p.1171-1194
[Peer Reviewed Journal]
Copyright © Cambridge University Press 2014 ;ISSN: 1365-1005 ;EISSN: 1469-8056 ;DOI: 10.1017/S1365100513000783
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Title:
FISCAL MULTIPLIERS IN A MONETARY UNION UNDER THE ZERO–LOWER–BOUND CONSTRAINT
Author:
Flotho, Stefanie
Subjects:
Central banks
;
Consumption
;
Economic growth
;
Economic theory
;
Elasticity
;
European Monetary Union
;
Eurozone
;
Foreign exchange rates
;
Government spending
;
Interest rates
;
Macroeconomics
;
Monetary policy
;
Monetary unions
;
Recessions
;
Studies
;
Terms of trade
Is Part Of:
Macroeconomic dynamics, 2015-09, Vol.19 (6), p.1171-1194
Description:
This paper analyzes government spending multipliers in a two-country model of a monetary union with price stickiness and home bias in consumption where monetary policy is constrained by the zero lower bound (ZLB) on the nominal interest rate. Government spending multipliers under this constraint are computed and compared with fiscal multipliers in normal times, that is, where the central bank sets the nominal interest rate via a Taylor rule. The trade elasticity and the parameter measuring home bias in consumption play an important role in determining the size of the multiplier. The multipliers are not necessarily large under the ZLB constraint. However, compared with the fiscal multipliers when the central bank sets the nominal interest rate according to a Taylor rule, the multipliers under the ZLB are bigger. Moreover, the persistence parameter of the binding ZLB plays a crucial role.
Publisher:
New York, USA: Cambridge University Press
Language:
English
Identifier:
ISSN: 1365-1005
EISSN: 1469-8056
DOI: 10.1017/S1365100513000783
Source:
ProQuest Central
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