TY  - UNPD
A1  - Cogan, John F.
A1  - Cwik, Tobias J.
A1  - Taylor, John B.
A1  - Wieland, Volker
T1  - New Keynesian versus old Keynesian government spending multipliers
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2009,17
N2  - 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.
T3  - CFS working paper series - 2009, 17 
KW  - Fiscal Multiplier
KW  - New Keynesian Model
KW  - Fiscal Stimulus
KW  - Government Spending
KW  - Macroeconomic Modeling
KW  - Öffentliche Ausgaben
KW  - Fiskalpolitik
KW  - Keynessche Theorie
Y1  - 2009
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/6849
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-68369
ER  -