Do government policy multipliers decrease with inflation?

• 成果类型: Article
• 署名作者: Koelln, K; Rush, M; Waldo, D
• 署名单位: State University System of Florida; University of Florida; University of North Texas System; University of North Texas Denton
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(96)01289-5
• 发表日期: 1996
• 页码: 495-505
• 关键词: New Keynesian; sticky prices; inflation

摘要

We use cross-country data to examine the effects of inflation on government spending and monetary policy multipliers. In contrast to earlier work by Ball, Mankiw, and Romer (1988) and Defina (1991), we allow for differential impacts of both the monetary base and government spending, and this difference turns out to be empirically quite important. We find little evidence in favor of a New Keynesian, sticky price model.