Big G

• 成果类型: Article
• 署名作者: Cox, Lydia; Mueller, Gernot J.; Pasten, Ernesto; Schoenle, Raphael; Weber, Michael
• 署名单位: University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Eberhard Karls University of Tubingen; Center for Economic & Policy Research (CEPR); Central Bank of Chile; Brandeis University; University of Chicago
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/730426
• 发表日期: 2024
• 页码: 3260-3297
• 关键词: fiscal-policy; spending evidence; optimal monetary; multipliers; stimulus; RENEGOTIATION; INVESTMENT; CONTRACTS; origins

摘要

Big G typically refers to aggregate government spending on a homogeneous good. We confront this notion with five facts for the universe of federal purchases. First, they are volatile and account for the largest part of the short-run variation in total spending. Second, the origin of their variation is granular. Third, purchases are subject to procurement and bidding. Fourth, they are concentrated in long-term contracts. Fifth, their composition is biased toward sectors in which private sector prices are sticky. We develop a two-sector New Keynesian model consistent with these facts and find where the government spends is key for aggregate effects.