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Fiscal Multipliers and the Zero Lower Bound

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F17%3A00097104" target="_blank" >RIV/00216224:14560/17:00097104 - isvavai.cz</a>

  • Result on the web

    <a href="https://www.sav.sk/journals/uploads/0615120204%2017%20Hlou%C5%A1ek%20+%20RS.pdf" target="_blank" >https://www.sav.sk/journals/uploads/0615120204%2017%20Hlou%C5%A1ek%20+%20RS.pdf</a>

  • DOI - Digital Object Identifier

Alternative languages

  • Result language

    angličtina

  • Original language name

    Fiscal Multipliers and the Zero Lower Bound

  • Original language description

    This paper studies the implications of the zero lower bound (ZLB) on interest rates for the size of fiscal multipliers. The analysis is carried out in an extended version of the ECB’s New Area-Wide Model, which contains various fiscal instruments. The results show that the size of fiscal multipliers depends heavily on the length of the period during which the interest rate is binding. Government consumption is the most efficient instrument of fiscal policy; the value of its multiplier is well above one and can even be double for a long time at the ZLB. The multiplier for consumption taxes is also influenced substantially by the interest rate constraint, but its value remains below one. The multipliers for social security contributions and labour income taxes are not influenced much. The behaviour of the government investment multiplier is quite tricky: an amplifying effect on output is present only when the economy stays at the zero lower bound for just a few years; when there is a longer time at the ZLB, this multiplier can even be negative.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50200 - Economics and Business

Result continuities

  • Project

  • Continuities

    S - Specificky vyzkum na vysokych skolach

Others

  • Publication year

    2017

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Journal of Economics

  • ISSN

    0013-3035

  • e-ISSN

  • Volume of the periodical

    65

  • Issue of the periodical within the volume

    4

  • Country of publishing house

    CZ - CZECH REPUBLIC

  • Number of pages

    15

  • Pages from-to

    305-319

  • UT code for WoS article

    000403994500001

  • EID of the result in the Scopus database

    2-s2.0-85029583331