Fiscal Multipliers and the Zero Lower Bound

J 2017

Fiscal Multipliers and the Zero Lower Bound

HLOUŠEK, Miroslav

Základní údaje

Originální název

Fiscal Multipliers and the Zero Lower Bound

Autoři

HLOUŠEK, Miroslav (203 Česká republika, garant, domácí)

Vydání

Ekonomický časopis, SAP - Slovak Academic Press, 2017, 0013-3035

Další údaje

Jazyk

angličtina

Typ výsledku

Článek v odborném periodiku

Obor

50202 Applied Economics, Econometrics

Stát vydavatele

Slovensko

Utajení

není předmětem státního či obchodního tajemství

Odkazy

URL

Impakt faktor

Impact factor: 0.327

Kód RIV

RIV/00216224:14560/17:00097104

Organizační jednotka

Ekonomicko-správní fakulta

UT WoS

000403994500001

Klíčová slova anglicky

zero lower bound on interest rate; fiscal multipliers; DSGE model

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 8. 3. 2024 12:57, Mgr. Pavlína Kurková

Anotace

V originále

This paper studies the implications of the zero lower bound (ZLB) on interest rates for the size of fiscal multipliers. The analysis is carried out in an extended version of the ECB’s New Area-Wide Model, which contains various fiscal instruments. The results show that the size of fiscal multipliers depends heavily on the length of the period during which the interest rate is binding. Government consumption is the most efficient instrument of fiscal policy; the value of its multiplier is well above one and can even be double for a long time at the ZLB. The multiplier for consumption taxes is also influenced substantially by the interest rate constraint, but its value remains below one. The multipliers for social security contributions and labour income taxes are not influenced much. The behaviour of the government investment multiplier is quite tricky: an amplifying effect on output is present only when the economy stays at the zero lower bound for just a few years; when there is a longer time at the ZLB, this multiplier can even be negative.

Návaznosti

MUNI/A/0943/2016, interní kód MU

Název: Kvantitativní analýza chování ekonomiky a hospodářské politiky

Investor: Masarykova univerzita, Kvantitativní analýza chování ekonomiky a hospodářské politiky, DO R. 2020_Kategorie A - Specifický výzkum - Studentské výzkumné projekty

Přiložené soubory

Fiscal_multipliers_final_text.pdf

Požádat o autorskou verzi souboru

Citovat

HLOUŠEK, Miroslav. Fiscal Multipliers and the Zero Lower Bound. Ekonomický časopis. SAP - Slovak Academic Press, 2017, roč. 65, č. 4, s. 305-319. ISSN 0013-3035.

@article{1384472,
   author = {Hloušek, Miroslav},
   article_number = {4},
   keywords = {zero lower bound on interest rate; fiscal multipliers; DSGE model},
   language = {eng},
   issn = {0013-3035},
   journal = {Ekonomický časopis},
   note = {This research was supported by the Norway Grants p rogramme CZ07, grant No.NF-CZ07- INP-3-1592014.},
   title = {Fiscal Multipliers and the Zero Lower Bound},
   url = {https://www.sav.sk/journals/uploads/0615120204%2017%20Hlou%C5%A1ek%20+%20RS.pdf},
   volume = {65},
   year = {2017}
}

TY  - JOUR
ID  - 1384472
AU  - Hloušek, Miroslav
PY  - 2017
TI  - Fiscal Multipliers and the Zero Lower Bound
JF  - Ekonomický časopis
VL  - 65
IS  - 4
SP  - 305-319
EP  - 305-319
PB  - SAP - Slovak Academic Press
SN  - 00133035
N1  - This research was supported by the Norway Grants p rogramme CZ07, grant No.NF-CZ07- INP-3-1592014.
KW  - zero lower bound on interest rate
KW  - fiscal multipliers
KW  - DSGE model
UR  - https://www.sav.sk/journals/uploads/0615120204%2017%20Hlou%C5%A1ek%20+%20RS.pdf
L2  - https://www.sav.sk/journals/uploads/0615120204%2017%20Hlou%C5%A1ek%20+%20RS.pdf
N2  - This paper studies the implications of the zero lower bound (ZLB) on interest rates for the size of fiscal multipliers. The analysis is carried out in an extended version of the ECB’s New Area-Wide Model, which contains various fiscal instruments. The results show that the size of fiscal multipliers depends heavily on the length of the period during which the interest rate is binding. Government consumption is the most efficient instrument of fiscal policy; the value of its multiplier is well above one and can even be double for a long time at the ZLB. The multiplier for consumption taxes is also influenced substantially by the interest rate constraint, but its value remains below one. The multipliers for social security contributions and labour income taxes are not influenced much. The behaviour of the government investment multiplier is quite tricky: an amplifying effect on output is present only when the economy stays at the zero lower bound for just a few years; when there is a longer time at the ZLB, this multiplier can even be negative.
ER  -

HLOUŠEK, Miroslav. Fiscal Multipliers and the Zero Lower Bound. \textit{Ekonomický časopis}. SAP - Slovak Academic Press, 2017, roč.~65, č.~4, s.~305-319. ISSN~0013-3035.

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