Targeted transfers and the fiscal response to the great recession
成果类型：
Article
署名作者：
Oh, Hyunseung; Reis, Ricardo
署名单位：
Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.10.025
发表日期：
2012
页码：
S50-S64
关键词：
摘要：
Between 2007 and 2009, government expenditures increased rapidly across the OECD countries. While economic research on the impact of government purchases has flourished, in the data, most of the increase in expenditures was in government transfers. After documenting this fact, we argue that future research should focus on the positive impact of transfers. Towards this, we present a model in which there is no representative agent and Ricardian equivalence does not hold because of uncertainty, imperfect credit markets, and nominal rigidities. Targeted lump-sum transfers are expansionary both because of a neoclassical wealth effect and because of a Keynesian aggregate demand effect. (C) 2012 Elsevier B.V. All rights reserved.
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