00000nam 2200000za 4500 9.846360 CaOODSP 20221107153202 cr ||||||||||| 171030s2017 oncd obs f000 0 eng d CaOODSP eng eng fre a-ja--- FB3-5/2017-40E-PDF Miyamoto, Wataru. Government spending multipliers under the zero lower bound [electronic resource] : evidence from Japan / by Wataru Miyamoto, Thuy Lan Nguyen and Dmitriy Sergeyev. [Ottawa] : Bank of Canada, 2017. ii, 50 p. : charts (some col.) Bank of Canada staff working paper, 1701-9397 ; 2017-40 "September 2017." Includes bibliographical references (38-42). “Using a rich data set on government spending forecasts in Japan, we provide newevidence 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 by more in the ZLB period than in the normal period"--Abstract, p. ii. Includes abstract in French. gccst Public expenditures gccst Interest rates gccst Modelling gccst Monetary policy Nguyen, Thuy Lan. Sergeyev, Dmitriy. Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2017-40 (CaOODSP)9.806221 PDF 1.23 MB https://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-5-2017-40-eng.pdf