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- Publisher Website: 10.1257/mac.20170131
- Scopus: eid_2-s2.0-85049455749
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Article: Government spending multipliers under the zero lower bound: Evidence from Japan
Title | Government spending multipliers under the zero lower bound: Evidence from Japan |
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Authors | |
Issue Date | 2018 |
Citation | American Economic Journal: Macroeconomics, 2018, v. 10, n. 3, p. 247-277 How to Cite? |
Abstract | © 2018 American Economic Association. Using a rich dataset on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). The on-impact output multiplier is 1.5 in the ZLB period and 0.6 outside of it. We estimate that government spending shocks increase both private consumption and investment during the ZLB period, but crowd them out in the normal period. There is evidence that expected inflation increases more in the ZLB period than in the normal period. |
Persistent Identifier | http://hdl.handle.net/10722/256666 |
ISSN | 2023 Impact Factor: 6.3 2023 SCImago Journal Rankings: 12.324 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Miyamoto, Wataru | - |
dc.contributor.author | Nguyen, Thuy Lan | - |
dc.contributor.author | Sergeyev, Dmitriy | - |
dc.date.accessioned | 2018-07-24T08:57:33Z | - |
dc.date.available | 2018-07-24T08:57:33Z | - |
dc.date.issued | 2018 | - |
dc.identifier.citation | American Economic Journal: Macroeconomics, 2018, v. 10, n. 3, p. 247-277 | - |
dc.identifier.issn | 1945-7707 | - |
dc.identifier.uri | http://hdl.handle.net/10722/256666 | - |
dc.description.abstract | © 2018 American Economic Association. Using a rich dataset on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). The on-impact output multiplier is 1.5 in the ZLB period and 0.6 outside of it. We estimate that government spending shocks increase both private consumption and investment during the ZLB period, but crowd them out in the normal period. There is evidence that expected inflation increases more in the ZLB period than in the normal period. | - |
dc.language | eng | - |
dc.relation.ispartof | American Economic Journal: Macroeconomics | - |
dc.title | Government spending multipliers under the zero lower bound: Evidence from Japan | - |
dc.type | Article | - |
dc.description.nature | link_to_OA_fulltext | - |
dc.identifier.doi | 10.1257/mac.20170131 | - |
dc.identifier.scopus | eid_2-s2.0-85049455749 | - |
dc.identifier.hkuros | 301174 | - |
dc.identifier.volume | 10 | - |
dc.identifier.issue | 3 | - |
dc.identifier.spage | 247 | - |
dc.identifier.epage | 277 | - |
dc.identifier.eissn | 1945-7715 | - |
dc.identifier.isi | WOS:000437870700008 | - |
dc.identifier.issnl | 1945-7715 | - |