THE OUTPUT, EMPLOYMENT, AND INTEREST-RATE EFFECTS OF GOVERNMENT CONSUMPTION
成果类型：
Article
署名作者：
AIYAGARI, SR; CHRISTIANO, LJ; EICHENBAUM, M
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research; Northwestern University
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(92)90045-4
发表日期：
1992
页码：
73-86
关键词：
摘要：
We study the impact on aggregate variables of changes in government consumption using the neoclassical stochastic growth model. We show, theoretically, that the impact on output and employment of a persistent change in government consumption exceeds that of a temporary change. We also show that, in principle, there can be an analog to the Keynesian multiplier in the neoclassical growth model. Finally, in an empirically plausible version of the model, we show that the interest rate impact of a persistent government consumption shock exceeds that of a temporary one. Our results provide counterexamples to existing claims in the literature.
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