Effects of Fiscal Stimulus in Structural Models

• 成果类型: Article
• 署名作者: Coenen, Guenter; Erceg, Christopher J.; Freedman, Charles; Furceri, Davide; Kumhof, Michael; Lalonde, Rene; Laxton, Douglas; Linde, Jesper; Mourougane, Annabelle; Muir, Dirk; Mursula, Susanna; de Resende, Carlos; Roberts, John; Roeger, Werner; Snudden, Stephen; Trabandt, Mathias; Veld, Jan In't
• 署名单位: European Central Bank; Federal Reserve System - USA; Federal Reserve System Board of Governors; Carleton University; University of Palermo; International Monetary Fund; Bank of Canada; Organisation for Economic Co-operation & Development (OECD)
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.4.1.22
• 发表日期: 2012
• 页码: 22-68
• 关键词: business cycles; euro area; budget deficits; monetary; POLICY; expenditure; GROWTH; prices

摘要

The paper subjects seven structural DSGE models, all used heavily by policymaking institutions, to discretionary fiscal stimulus shocks using seven different fiscal instruments, and compares the results to those of two prominent academic DSGE models. There is considerable agreement across models on both the absolute and relative sizes of different types of fiscal multipliers. The size of many multipliers is large, particularly for spending and targeted transfers. Fiscal policy is most effective if it has moderate persistence and if monetary policy is accommodative. Permanently higher spending or deficits imply significantly lower initial multipliers.