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When Is the Government Spending Multiplier Large?
Open accessAbstract
We argue that the government-spending multiplier can be much larger than one when the zero lower bound on the nominal interest rate binds. The larger is the fraction of government spending that occurs while the nominal interest rate is zero, the larger is the value of the multiplier. After providing intuition for these results, we investigate the size of the multiplier in a dynamic, stochastic, general equilibrium model. In this model the multiplier e�ect is substantially larger than one when the zero bound binds. Our model is consistent with the behavior of key macro aggregates during the recent financial crisis. We thank the editor, Monika Piazzesi, Rob Shimer, and two anonymous referees for their
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Cited by
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Fernández-Villaverde, J., Guerrón-Quintana, P., Kuester, K., & Rubio-Ramírez, J. (2015) · American Economic Review · doi:10.1257/aer.20121236 · Cited by 938
Networks and the Macroeconomy: An Empirical Exploration
Acemoglu, D., Akcigit, U., & Kerr, W. (2016) · NBER Macroeconomics Annual · doi:10.1086/685961 · Cited by 452
A Model of Secular Stagnation: Theory and Quantitative Evaluation
Eggertsson, G. B., Mehrotra, N. R., & Robbins, J. A. (2019) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20170367 · Cited by 405
Coibion, O., Gorodnichenko, Y., & Wieland, J. (2012) · The Review of Economic Studies · doi:10.1093/restud/rds013 · Cited by 359
Estimating Local Fiscal Multipliers
Suárez Serrato, J. C., & Wingender, P. (2016) · doi:10.3386/w22425 · Cited by 270
Metadata
- Authors
- Christiano, L., Eichenbaum, M., & Rebelo, S.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 2011-02
- Volume
- 119
- Issue
- 1
- Pages
- 78-121
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2104165247
- Cited by
- 1,837
- References
- 0
- FWCI
- 400.95
- Type
- journal article
- Language
- en
- Open access
- green
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