| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26655 |
| 来源ID | Working Paper 26655 |
| Effects of Fiscal Policy on Credit Markets | |
| Alan J. Auerbach; Yuriy Gorodnichenko; Daniel Murphy | |
| 发表日期 | 2020-01-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Credit markets typically freeze in recessions: access to credit declines and the cost of credit increases. A conventional policy response is to rely on monetary tools to saturate financial markets with liquidity. Given limited space for monetary policy in the current economic conditions, we study how fiscal stimulus can influence local credit markets. Using rich geographical variation in U.S. federal government contracts, we document that, in a local economy, interest rates on consumer loans decrease in response to an expansionary government spending shock. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Fiscal Policy |
| URL | https://www.nber.org/papers/w26655 |
| 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/584328 |
| 推荐引用方式 GB/T 7714 | Alan J. Auerbach,Yuriy Gorodnichenko,Daniel Murphy. Effects of Fiscal Policy on Credit Markets. 2020. |
| 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 | ||
| w26655.pdf（385KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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