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What Fiscal Policy is Effective at Zero Interest Rates?

In: NBER Macroeconomics Annual 2010, Volume 25

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  1. What are the effects of fiscal policy at the zero lower bound?
    by bankunderground in Bank Underground on 2016-03-22 12:30:37

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Cited by:

  1. repec:eee:jmacro:v:53:y:2017:i:c:p:222-234 is not listed on IDEAS
  2. Daniel Velázquez Orihuela, 2015. "El efecto del gasto público en el ciclo económico: una visión alternativa," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 30(1), pages 93-140.
  3. Hess Chung & Jean‐Philippe Laforte & David Reifschneider & John C. Williams, 2012. "Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 47-82, February.
  4. Susanto Basu & Brent Bundick, 2017. "Uncertainty Shocks in a Model of Effective Demand," Econometrica, Econometric Society, vol. 85, pages 937-958, May.
  5. repec:eee:dyncon:v:82:y:2017:i:c:p:21-43 is not listed on IDEAS
  6. Bernardo Guimaraes & Caio Machado & Marcel Ribeiro, 2016. "A Model of the Confidence Channel of Fiscal Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(7), pages 1363-1395, October.
  7. Stähler, Nikolai & Thomas, Carlos, 2012. "FiMod — A DSGE model for fiscal policy simulations," Economic Modelling, Elsevier, vol. 29(2), pages 239-261.
  8. Cook, David & Devereux, Michael B, 2016. "Exchange rate flexibility under the zero lower bound," Journal of International Economics, Elsevier, pages 52-69.
  9. Christopher Erceg & Jesper Lindé, 2014. "Is There A Fiscal Free Lunch In A Liquidity Trap?," Journal of the European Economic Association, European Economic Association, vol. 12(1), pages 73-107, February.
  10. Gustav A. Horn & Sebastian Gechert & Alexander Herzog-Stein & Peter Hohlfeld & Fabian Lindner & Ansgar Rannenberg & Sabine Stephan & Thomas Theobald & Silke Tober, 2015. "Im Aufschwung - Prognose der wirtschaftlichen Entwicklung 2015/2016," IMK Report 104-2015, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  11. repec:mes:emfitr:v:52:y:2016:i:8:p:1910-1921 is not listed on IDEAS
  12. Emmanuel Farhi & Iván Werning, 2007. "Inequality and Social Discounting," Journal of Political Economy, University of Chicago Press, vol. 115, pages 365-402.
  13. Carvalho, Carlos & Nechio, Fernanda, 2014. "Do people understand monetary policy?," Journal of Monetary Economics, Elsevier, pages 108-123.
  14. Abiad (ADB), Abdul & Furceri (IMF and University of Palermo), Davide & Topalova (IMF), Petia, 2016. "The macroeconomic effects of public investment: Evidence from advanced economies," Journal of Macroeconomics, Elsevier, pages 224-240.
  15. Miyamoto, Wataru & Nguyen, Thuy Lan & Sergeyev, Dmitriy, 2016. "Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan," CEPR Discussion Papers 11633, C.E.P.R. Discussion Papers.
  16. Albertini, Julien & Poirier, Arthur & Roulleau-Pasdeloup, Jordan, 2014. "The composition of government spending and the multiplier at the zero lower bound," Economics Letters, Elsevier, vol. 122(1), pages 31-35.
  17. Thorsten Drautzburg & Harald Uhlig, 2015. "Fiscal Stimulus and Distortionary Taxation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(4), pages 894-920, October.
  18. Angeloni, Ignazio & Faia, Ester & Winkler, Roland, 2014. "Exit strategies," European Economic Review, Elsevier, vol. 70(C), pages 231-257.
  19. John C. Williams, 2009. "Heeding Daedalus: Optimal Inflation and the Zero Lower Bound," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, pages 1-49.
  20. Rendahl, P., 2012. "Fiscal Policy in an Unemployment Crisis," Cambridge Working Papers in Economics 1211, Faculty of Economics, University of Cambridge.
  21. Papaioannou, Sotiris, 2016. "Public spending, monetary policy and growth: Evidence from EU countries," MPRA Paper 70331, University Library of Munich, Germany.
  22. repec:wly:jmoncb:v:49:y:2017:i:4:p:695-732 is not listed on IDEAS
  23. Cook, David & Devereux, Michael B, 2016. "Exchange rate flexibility under the zero lower bound," Journal of International Economics, Elsevier, pages 52-69.
  24. Adiya Belgibayeva & Michal Horvath, 2015. "Optimal Conventional Stabilization Policy in a Liquidity Trap When Wages and Prices are Sticky," Discussion Papers 15/11, Department of Economics, University of York.
  25. Furlanetto, Francesco, 2011. "Fiscal stimulus and the role of wage rigidity," Journal of Economic Dynamics and Control, Elsevier, vol. 35(4), pages 512-527, April.
  26. Correia, Isabel & De Fiore, Fiorella & Teles, Pedro & Tristani, Oreste, 2014. "Credit Spreads and Credit Policies," CEPR Discussion Papers 9989, C.E.P.R. Discussion Papers.
  27. Xavier Ragot, 2016. "Le retour de l’économie keynésienne," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 173-186.
  28. Athanasios Tagkalakis, 2014. "Discretionary fiscal policy and economic activity in Greece," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, pages 687-712.
  29. Nakata, Taisuke, 2016. "Optimal fiscal and monetary policy with occasionally binding zero bound constraints," Journal of Economic Dynamics and Control, Elsevier, vol. 73(C), pages 220-240.
  30. George D. Demopoulos & Nicholas A. Yannacopoulos, 2016. "Deflationary Adjustment Processes and the Effectiveness of Structural Reforms In Monetary Unions," Working Papers 201602, Athens University Of Economics and Business, Department of Economics.
  31. Michael Woodford, 2011. "Simple Analytics of the Government Expenditure Multiplier," American Economic Journal: Macroeconomics, American Economic Association, pages 1-35.
  32. Alessandro Di Nola & Georgi Kocharkov & Aleksandar Vasilev, 2017. "Productivity, Taxation and Evasion: An Analysis of the Determinants of the Informal Economy," Bulgarian Economic Papers (www.bep.bg) bep-2017-04, St Kliment Ohridski University of Sofia, Faculty of Economics and Business Administration / Center for Economic Theories and Policies, revised Apr 2017.
  33. Gabriela Castro & Ricardo M. Felix & Paulo Julio & Jose R. Maria, 2014. "Fiscal multipliers in a small euro area economy: How big can they get in crisis times?," CEFAGE-UE Working Papers 2014_07, University of Evora, CEFAGE-UE (Portugal).
  34. Christopher J. Erceg & Jesper Lindé, 2011. "Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 7(1), pages 95-136.
  35. Adão, Bernardino & Correia, Isabel & Teles, Pedro, 2014. "Short and long interest rate targets," Journal of Monetary Economics, Elsevier, pages 95-107.
  36. Pascal Michaillat & Emmanuel Saez, 2014. "An Economical Business-Cycle Model," Working Papers Series 6, Institute for New Economic Thinking.
  37. Bodenstein, Martin & Erceg, Christopher J. & Guerrieri, Luca, 2009. "The Effects of Foreign Shocks when Interest Rates are at Zero," International Finance Discussion Papers 983, Board of Governors of the Federal Reserve System (U.S.), revised 03 Oct 2016.
  38. Kumhof, Michael & Yan, Isabel, 2016. "Balance-of-payments anti-crises," Journal of Macroeconomics, Elsevier, pages 186-202.
  39. Henrike Michaelis & Sebastian Watzka, 2014. "Are there Differences in the Effectiveness of Quantitative Easing at the Zero-Lower-Bound in Japan over Time?," CESifo Working Paper Series 4901, CESifo Group Munich.
  40. Ludger Linnemann & Roland Winkler, 2016. "Estimating nonlinear effects of fiscal policy using quantile regression methods," Oxford Economic Papers, Oxford University Press, pages 1120-1145.
  41. Mulligan Casey B, 2011. "Simple Analytics and Empirics of the Government Spending Multiplier and Other "Keynesian" Paradoxes," The B.E. Journal of Macroeconomics, De Gruyter, pages 1-47.
  42. Taisuke Nakata, 2017. "Optimal Government Spending at the Zero Lower Bound: A Non-Ricardian Analysis," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 23, pages 150-169, January.
  43. Richard McManus & F. Gulcin Ozkan & Dawid Trzeciakiewicz, 2014. "Who is afraid of austerity? The redistributive impact of fiscal policy in a DSGE framework," Discussion Papers 14/22, Department of Economics, University of York.
  44. Ippei Fujiwara, 2010. "Export shocks and the zero bound trap," Globalization and Monetary Policy Institute Working Paper 63, Federal Reserve Bank of Dallas.
  45. repec:nbp:nbpbik:v:48:y:2017:i:1:p:73-96 is not listed on IDEAS
  46. Karel Mertens & Morten Ravn, 2011. "The Research Agenda: Karel Mertens and Morten Ravn on Fiscal Policy, Anticipation Effects, Expectations and Crisis," EconomicDynamics Newsletter, Review of Economic Dynamics.
  47. Felix Reichling & Charles Whalen, 2015. "The Fiscal Multiplier and Economic Policy Analysis in the United States: Working Paper 2015-02," Working Papers 49925, Congressional Budget Office.
  48. Schenkelberg, Heike & Watzka, Sebastian, 2013. "Real effects of quantitative easing at the zero lower bound: Structural VAR-based evidence from Japan," Journal of International Money and Finance, Elsevier, pages 327-357.
  49. Isabel Correia & Emmanuel Farhi & Juan Pablo Nicolini & Pedro Teles, 2013. "Unconventional Fiscal Policy at the Zero Bound," American Economic Review, American Economic Association, pages 1172-1211.
  50. repec:eee:jmacro:v:52:y:2017:i:c:p:147-174 is not listed on IDEAS
  51. Gomes, Sandra & Jacquinot, Pascal & Mestre, Ricardo & Sousa, João, 2010. "Global policy at the zero lower bound in a large-scale DSGE model," Working Paper Series 1254, European Central Bank.
  52. Paweł Borys & Piotr Ciżkowicz & Andrzej Rzońca, 2014. "Panel Data Evidence on the Effects of Fiscal Policy Shocks in the EU New Member States," Fiscal Studies, Institute for Fiscal Studies, pages 189-224.
  53. repec:fgv:epgrbe:v:71:y:2017:i:3:a:66441 is not listed on IDEAS
  54. Thorsten Drautzburg & Harald Uhlig, 2015. "Fiscal Stimulus and Distortionary Taxation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(4), pages 894-920, October.
  55. Fujiwara, Ippei & Ueda, Kozo, 2013. "The fiscal multiplier and spillover in a global liquidity trap," Journal of Economic Dynamics and Control, Elsevier, pages 1264-1283.
  56. John F. Cogan & John B. Taylor, 2012. "What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package," Book Chapters,in: Lee E. Ohanian & John B. Taylor & Ian J. Wright (ed.), Government Policies and the Delayed Economic Recovery, chapter 5 Hoover Institution, Stanford University.
  57. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
  58. Hills, Timothy S. & Nakata, Taisuke, 2014. "Fiscal Multipliers at the Zero Lower Bound: The Role of Policy Inertia," Finance and Economics Discussion Series 2014-107, Board of Governors of the Federal Reserve System (U.S.).
  59. Juan Carlos Hatchondo & Leonardo Martinez & César Sosa-Padilla, 2016. "Debt Dilution and Sovereign Default Risk," Journal of Political Economy, University of Chicago Press, vol. 124(5), pages 1383-1422.
  60. Bandiera, Guilherme & Pappa, Evi & Sajedi, Rana & Vella, Eugenia, 2016. "Fiscal consolidation in a low inflation environment: pay cuts versus lost jobs," Bank of England working papers 628, Bank of England.
  61. repec:eee:macchp:v2-2417 is not listed on IDEAS
  62. Piotr Cizkowicz & Andrzej Rzonca & Andrzej Toroj, 2015. "In search for appropriate lower bound.Zero lower bound vs. positive lower bound under discretion and commitment," NBP Working Papers 215, Narodowy Bank Polski, Economic Research Department.
  63. repec:eee:ecofin:v:42:y:2017:i:c:p:70-88 is not listed on IDEAS
  64. Phuong Ngo & Jianjun Miao, 2015. "Does Calvo Meet Rotemberg at the Zero Lower Bound?," 2015 Meeting Papers 602, Society for Economic Dynamics.
  65. Ji, Yangyang & Xiao, Wei, 2016. "Government spending multipliers and the zero lower bound," Journal of Macroeconomics, Elsevier, pages 87-100.
  66. Gomes, S. & Jacquinot, P. & Mestre, R. & Sousa, J., 2015. "Global policy at the zero lower bound in a large-scale DSGE model," Journal of International Money and Finance, Elsevier, vol. 50(C), pages 134-153.
  67. Corsetti, Giancarlo & Dedola, Luca & Jarociński, Marek & Maćkowiak, Bartosz & Schmidt, Sebastian, 2016. "Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary union," Working Paper Series 1988, European Central Bank.
  68. John C. Williams, 2009. "Heeding Daedalus: Optimal inflation and the zero lower bound," Working Paper Series 2009-23, Federal Reserve Bank of San Francisco.
  69. Ricardo Silva & Vitor Manuel Carvalho & Ana Paula Ribeiro, 2013. "How large are fiscal multipliers? A panel-data VAR approach for the Euro area," FEP Working Papers 500, Universidade do Porto, Faculdade de Economia do Porto.
  70. Coenen, Günter & Straub, Roland & Trabandt, Mathias, 2013. "Gauging the effects of fiscal stimulus packages in the euro area," Journal of Economic Dynamics and Control, Elsevier, vol. 37(2), pages 367-386.
  71. Soldatos, Gerasimos T., 2014. "A Fiscal-Monetary Policy Scheme against Greek Indebtedness and Impoverishment - Un programma di politica fiscale-monetaria contro l’indebitamento e l’impoverimento della Grecia," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, pages 243-261.
  72. Giancarlo Corsetti & Keith Kuester & Andre Meier & Gernot J. Muller, 2011. "Soverign risk and the effects of fiscal retrenchment in deep recessions," Working Papers 11-43, Federal Reserve Bank of Philadelphia.
  73. repec:cje:issued:v:50:y:2017:i:3:p:660-684 is not listed on IDEAS
  74. Matteo Fragetta & Roberto Tamborini, 2017. "It’s not austerity. Or is it? Assessing the effect of austerity on growth in Europe, 2010-15," DEM Working Papers 2017/10, Department of Economics and Management.
  75. repec:aea:aecrev:v:107:y:2017:i:8:p:2409-54 is not listed on IDEAS
  76. Eric Sims & Jonathan Wolff, 2013. "The Output and Welfare Effects of Government Spending Shocks over the Business Cycle," NBER Working Papers 19749, National Bureau of Economic Research, Inc.
  77. Richard McManus & F. Gulcin Ozkan & Dawid Trzeciakiewicz, 2014. "Self-defeating austerity at the zero lower bound," Discussion Papers 14/24, Department of Economics, University of York.
  78. Engin Kara & Jasmin Sin, 2012. "Fiscal Multiplier in a Credit-Constrained New Keynesian Economy," Bristol Economics Discussion Papers 12/634, Department of Economics, University of Bristol, UK.
  79. Eric T. Swanson & John C. Williams, 2014. "Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates," American Economic Review, American Economic Association, pages 3154-3185.
  80. Michaelis, Henrike & Watzka, Sebastian, 2017. "Are there differences in the effectiveness of quantitative easing at the zero-lower-bound in Japan over time?," Journal of International Money and Finance, Elsevier, vol. 70(C), pages 204-233.
  81. Abiad (ADB), Abdul & Furceri (IMF and University of Palermo), Davide & Topalova (IMF), Petia, 2016. "The macroeconomic effects of public investment: Evidence from advanced economies," Journal of Macroeconomics, Elsevier, pages 224-240.
  82. Benigno, Pierpaolo, 2015. "New-Keynesian economics: An AS–AD view," Research in Economics, Elsevier, pages 503-524.
  83. Boneva, Lena Mareen & Braun, R. Anton & Waki, Yuichiro, 2016. "Some unpleasant properties of loglinearized solutions when the nominal rate is zero," Journal of Monetary Economics, Elsevier, pages 216-232.
  84. Séverine Menguy, 2016. "Optimal Budgetary Policies in New-Keynesian Models: Can they help when the Zero Lower Bound is binding?," Bulletin of Applied Economics, Risk Market Journals, vol. 3(2), pages 43-98.
  85. Juha Kilponen, Massimiliano Pisani, Sebastian Schmidt, Vesna Corbo, Tibor Hledik, Josef Hollmayr, Samuel Hurtado, Paulo Júlio, Dmitry Kulikov, Matthieu Lemoine, Matija Lozej, Henrik Lundvall, José R. , 2015. "Comparing fiscal multipliers across models and countries in Europe," Working Paper Research 278, National Bank of Belgium.
  86. Rendahl, Pontus, 2017. "Linear Time Iteration," Economics Series 330, Institute for Advanced Studies.
  87. Houndonougbo, Ahiteme N. & Mohsin, Mohammed, 2016. "Macroeconomic effects of cost equivalent business fiscal incentives," Economic Modelling, Elsevier, vol. 56(C), pages 59-65.
  88. Martin Bodenstein & Christopher J. Erceg & Luca Guerrieri, 2017. "The effects of foreign shocks when interest rates are at zero," Canadian Journal of Economics, Canadian Economics Association, vol. 50(3), pages 660-684, August.
  89. Eric M. Leeper & Nora Traum & Todd B. Walker, 2017. "Clearing Up the Fiscal Multiplier Morass," American Economic Review, American Economic Association, pages 2409-2454.
  90. Benigno, Pierpaolo, 2015. "New-Keynesian economics: An AS–AD view," Research in Economics, Elsevier, pages 503-524.
  91. Bhattarai, Keshab & Trzeciakiewicz, Dawid, 2017. "Macroeconomic impacts of fiscal policy shocks in the UK: A DSGE analysis," Economic Modelling, Elsevier, vol. 61(C), pages 321-338.
  92. Matteo Salto, 2016. "Fiscal Policy after the Crisis – Workshop Proceedings," European Economy - Discussion Papers 2015 - 035, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  93. António Portugal Duarte & João Sousa Andrade & Adelaide Duarte, 2012. "Testing for Nonlinear Adjustment in the Portuguese Target Zone: Is there a Honeymoon Effect?," GEMF Working Papers 2013-03, GEMF, Faculty of Economics, University of Coimbra.
  94. Giancarlo Corsetti & Michael P. Devereux & Luigi Guiso & John Hassler & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2010. "Chapter 3: From Fiscal Rescue to Global Debt," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 71-100, February.
  95. Tiantian Zhang & Kent Matthews, 2012. "Efficiency convergence properties of Indonesian banks 1992--2007," Applied Financial Economics, Taylor & Francis Journals, vol. 22(17), pages 1465-1478, September.
  96. Matthew Denes & Gauti B. Eggertsson, 2009. "A Bayesian approach to estimating tax and spending multipliers," Staff Reports 403, Federal Reserve Bank of New York.
  97. Michaelis, Henrike & Watzka, Sebastian, 2014. "Are there Differences in the Effectiveness of Quantitative Easing in Japan over Time?," Discussion Papers in Economics 21087, University of Munich, Department of Economics.
  98. Emi Nakamura & J?n Steinsson, 2014. "Fiscal Stimulus in a Monetary Union: Evidence from US Regions," American Economic Review, American Economic Association, pages 753-792.
  99. Emi Nakamura & J?n Steinsson, 2014. "Fiscal Stimulus in a Monetary Union: Evidence from US Regions," American Economic Review, American Economic Association, pages 753-792.
  100. Taisuke Nakata, 2017. "Optimal Government Spending at the Zero Lower Bound: A Non-Ricardian Analysis," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 23, pages 150-169, January.
  101. Christian Bredemeier, 2015. "Household Specialization and the Labor-Supply Elasticities of Women and Men," Working Paper Series in Economics 81, University of Cologne, Department of Economics.
  102. Jeffrey Campbell, 2017. "Quantitative Easing in Joseph's Egypt with Keynesian Producers," 2017 Meeting Papers 1165, Society for Economic Dynamics.
  103. Athanasios O. Tagkalakis, 2013. "Discretionary fiscal policy and economic activity in Greece," Working Papers 169, Bank of Greece.
  104. Ferdinandusse, Marien & Checherita-Westphal, Cristina & Attinasi, Maria Grazia & Other contributors & Bańkowski, Krzysztof & Palaiodimos, Georgios & Trindade Campos, Maria Manuel, 2017. "Euro area fiscal stance," Occasional Paper Series 182, European Central Bank.
  105. Kumhof, Michael & Yan, Isabel, 2016. "Balance-of-payments anti-crises," Journal of Macroeconomics, Elsevier, pages 186-202.
  106. Gabriela Lopes de Castro & Ricardo Mourinho Félix & Paulo Júlio & José R. Maria, 2013. "Fiscal multipliers in a small euro area economy: How big can they get in crisis times?," Working Papers w201311, Banco de Portugal, Economics and Research Department.
  107. Murota, Ryu-ichiro & Ono, Yoshiyasu, 2015. "Fiscal policy under deflationary gap and long-run stagnation: Reinterpretation of Keynesian multipliers," Economic Modelling, Elsevier, vol. 51(C), pages 596-603.
  108. Kollintzas, Tryphon & Tsoukalas, Konstantinos, 2015. "Bank and Sovereign Risk Interdependence in the Euro Area," CEPR Discussion Papers 10485, C.E.P.R. Discussion Papers.
  109. Felix Reichling & Charles Whalen, 2012. "Assessing the Short-Term Effects on Output of Changes in Federal Fiscal Policies: Working Paper 2012-08," Working Papers 43278, Congressional Budget Office.
  110. João Amador & Rita Cappariello & Robert Stehrer, 2015. "Global Value Chains: A View from the Euro Area," Asian Economic Journal, East Asian Economic Association, pages 99-120.
  111. Afonso, António & Gomes, Pedro & Taamouti, Abderrahim, 2014. "Sovereign credit ratings, market volatility, and financial gains," Computational Statistics & Data Analysis, Elsevier, vol. 76(C), pages 20-33.
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