New Keynesian versus old Keynesian government spending multipliers
- Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modeling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an alternative empirically-estimated and widely-cited new Keynesian model are much smaller than in these old Keynesian models; the estimated stimulus is extremely small with GDP and employment effects only one-sixth as large.
| Verfasserangaben: | John F. Cogan, Tobias J. Cwik, John B. Taylor, Volker WielandORCiDGND |
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| URN: | urn:nbn:de:hebis:30-68369 |
| Titel des übergeordneten Werkes (Deutsch): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2009,17 |
| Schriftenreihe (Bandnummer): | CFS working paper series (2009, 17) |
| Dokumentart: | Arbeitspapier |
| Sprache: | Englisch |
| Jahr der Fertigstellung: | 2009 |
| Jahr der Erstveröffentlichung: | 2009 |
| Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Datum der Freischaltung: | 01.09.2009 |
| Freies Schlagwort / Tag: | Fiscal Multiplier; Fiscal Stimulus; Government Spending; Macroeconomic Modeling; New Keynesian Model |
| GND-Schlagwort: | Öffentliche Ausgaben; Fiskalpolitik; Keynessche Theorie |
| HeBIS-PPN: | 215701321 |
| Institute: | Wirtschaftswissenschaften / Wirtschaftswissenschaften |
| Wissenschaftliche Zentren und koordinierte Programme / Institute for Monetary and Financial Stability (IMFS) | |
| Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) | |
| CCS-Klassifikation: | C. Computer Systems Organization / C.5 COMPUTER SYSTEM IMPLEMENTATION / C.5.2 Minicomputers** |
| DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| JEL-Klassifikation: | C Mathematical and Quantitative Methods / C5 Econometric Modeling / C52 Model Evaluation and Selection |
| Lizenz (Deutsch): |  Deutsches Urheberrecht |
