How big (small?) are fiscal multipliers?
成果类型：
Article
署名作者：
Ilzetzki, Ethan; Mendoza, Enrique G.; Vegh, Carlos A.
署名单位：
University of London; London School Economics & Political Science; University of Pennsylvania; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.10.011
发表日期：
2013
页码：
239-254
关键词：
摘要：
Contributing to the debate on the macroeconomic effects of fiscal stimuli, we show that the impact of government expenditure shocks depends crucially on key country characteristics, such as the level of development, exchange rate regime, openness to trade, and public indebtedness. Based on a novel quarterly dataset of government expenditure in 44 countries, we find that (i) the output effect of an increase in government consumption is larger in industrial than in developing countries; (ii) the fiscal multiplier is relatively large in economies operating under predetermined exchange rates but is zero in economies operating under flexible exchange rates; (iii) fiscal multipliers in open economies are smaller than in closed economies; (iv) fiscal multipliers in high-debt countries are negative. (c) 2012 Elsevier B.V. All rights reserved.
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