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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| Department/Agency | Bank of Canada. |
|---|---|
| Title | Government spending multipliers under the zero lower bound : evidence from Japan / by Wataru Miyamoto, Thuy Lan Nguyen and Dmitriy Sergeyev. |
| Series title | Bank of Canada staff working paper, 1701-9397 ; 2017-40 |
| Publication type | Series - View Master Record |
| Language | [English] |
| Format | Electronic |
| Electronic document | |
| Note(s) | "September 2017." Includes bibliographical references (38-42). Includes abstract in French. |
| Publishing information | [Ottawa] : Bank of Canada, 2017. |
| Author / Contributor | Miyamoto, Wataru. Nguyen, Thuy Lan. Sergeyev, Dmitriy. |
| Description | ii, 50 p. : charts (some col.) |
| Catalogue number |
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| Subject terms | Public expenditures Interest rates Modelling Monetary policy |
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