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Simple Analytics of the Government Expenditure Multiplier
Abstract
This paper explains the key factors that determine the output multiplier of government purchases in New Keynesian models, through a series of simple examples that can be solved analytically. Sticky prices or wages allow for larger multipliers than in a neoclassical model, though the size of the multiplier depends crucially on the monetary policy response. A multiplier well in excess of one is possible when monetary policy is constrained by the zero lower bound, and in this case welfare increases if government purchases expand to partially fill the output gap that arises from the inability to lower interest rates. (JEL E12, E23, E32, E62, H20, H50)
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Citations
Cites
Discretion versus policy rules in practice
Taylor, J. B. (1993) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(93)90009-l · Cited by 9,065
Cited by
Fiscal Volatility Shocks and Economic Activity
Fernández-Villaverde, J., Guerrón-Quintana, P., Kuester, K., & Rubio-Ramírez, J. (2015) · American Economic Review · doi:10.1257/aer.20121236 · Cited by 938
Fiscal Stimulus in a Monetary Union: Evidence from US Regions
Nakamura, E., & Steinsson, J. (2014) · American Economic Review · doi:10.1257/aer.104.3.753 · Cited by 911
Can Government Purchases Stimulate the Economy?
Ramey, V. A. (2011) · Journal of Economic Literature · doi:10.1257/jel.49.3.673 · Cited by 772
Inflation Expectations and Firm Decisions: New Causal Evidence*
Coibion, O., Gorodnichenko, Y., & Ropele, T. (2020) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz029 · Cited by 401
Estimating Local Fiscal Multipliers
Suárez Serrato, J. C., & Wingender, P. (2016) · doi:10.3386/w22425 · Cited by 270
Metadata
- Authors
- Woodford, M.
- Venue
- American Economic Journal: Macroeconomics
- Publisher
- American Economic Association
- Published
- 2011-01-01
- Volume
- 3
- Issue
- 1
- Pages
- 1-35
- ISSN
- 1945-7707 (ISSN-L)
- 1945-7715
- OpenAlex
- W2143916571
- Cited by
- 862
- References
- 1
- FWCI
- 230.69
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
