Government spending multipliers under the zero lower bound : evidence from Japan / by Wataru Miyamoto, Thuy Lan Nguyen and Dmitriy Sergeyev.: FB3-5/2017-40E-PDF
“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.
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| Title | Government spending multipliers under the zero lower bound : evidence from Japan / by Wataru Miyamoto, Thuy Lan Nguyen and Dmitriy Sergeyev. |
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| Publication type | Monograph - View Master Record |
| Language | [English] |
| Format | Digital text |
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| Description | ii, 50 p. : charts (some col.) |
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