| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14883 |
| DP14883 The Liquidity Channel of Fiscal Policy | |
| Christian Bayer; Benjamin Born; Ralph Luetticke | |
| 发表日期 | 2020-06-12 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We provide evidence that expansionary fiscal policy lowers the return difference between more and less liquid assets---the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice, in which public debt affects private liquidity. In this environment, the short-run fiscal multiplier is amplified by the countercyclical liquidity premium. This liquidity channel stabilizes investment and crowds in consumption. We then quantify the long-run effects of higher public debt, and find a sizable decline of the liquidity premium, increasing the fiscal burden of debt, but little crowding out of capital. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Fiscal policy Liquidity premium Business cycles Bayesian estimation Incomplete markets Hank |
| URL | https://cepr.org/publications/dp14883 |
| 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/543822 |
| 推荐引用方式 GB/T 7714 | Christian Bayer,Benjamin Born,Ralph Luetticke. DP14883 The Liquidity Channel of Fiscal Policy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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