| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25629 |
| 来源ID | Working Paper 25629 |
| Recovery of 1933 | |
| Margaret M. Jacobson; Eric M. Leeper; Bruce Preston | |
| 发表日期 | 2019-03-11 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | When Roosevelt abandoned the gold standard in April 1933, he converted what had been effectively real government debt into nominal government debt to open the door to unbacked fiscal expansion. We argue that he followed a state-contingent fiscal rule that ran nominal-debt-financed primary deficits until the price level rose and economic activity recovered. Theory suggests that government spending multipliers can be substantially larger when fiscal expansions are unbacked than when they are tax-backed. VAR estimates find that primary deficits made quantitatively important contributions to raising both the price level and real GNP from 1933 through 1937. The evidence does not support the conventional monetary explanation that gold revaluation and gold inflows, which were permitted to raise the monetary base, drove the recovery independently of fiscal actions. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Fiscal Policy ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w25629 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583302 |
| 推荐引用方式 GB/T 7714 | Margaret M. Jacobson,Eric M. Leeper,Bruce Preston. Recovery of 1933. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25629.pdf（1029KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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