| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7649 |
| DP7649 Debt consolidation and fiscal stabilization of deep recessions | |
| Giancarlo Corsetti; Gernot Müller; Keith Kuester; André Meier | |
| 发表日期 | 2010-01-24 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | The global financial crisis of 2008-09 has sent public debt on sharply higher trajectories. With the economic recovery gradually taking hold, the focus is now shifting to fiscal "exit" strategies. Medium-term consolidation efforts are likely to include not only tax increases but also sizeable spending cuts. Our paper uses a standard new Keynesian model to show that the anticipation of such medium-term spending cuts generally enhances the expansionary effect of short-run fiscal stimulus. This conclusion still applies when monetary policy is constrained by the zero lower bound on policy rates. In this case, however, the reversal of government spending must not occur too early on the recovery path, or at least must be suitably gradual. |
| 主题 | International Macroeconomics |
| 关键词 | Consolidation Exit strategy Fiscal multiplier Fiscal policy Fiscal stabilization monetary policy Zero lower bound |
| URL | https://cepr.org/publications/dp7649 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536486 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Gernot Müller,Keith Kuester,et al. DP7649 Debt consolidation and fiscal stabilization of deep recessions. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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