دورية أكاديمية
Fiscal policy in an unemployment crisis
| العنوان: | Fiscal policy in an unemployment crisis |
|---|---|
| المؤلفون: | Rendahl, P |
| بيانات النشر: | //dx.doi.org/10.1093/restud/rdv058 Review of Economic Studies Oxford University Press (OUP) |
| سنة النشر: | 2016 |
| المجموعة: | Apollo - University of Cambridge Repository |
| مصطلحات موضوعية: | Fiscal multiplier, Liquidity trap, Unemployment dynamics, E62, E31, J64, H30 |
| الوصف: | This article shows that equilibrium unemployment dynamics can significantly increase the efficacy of fiscal policy. In response to a shock that brings the economy into a liquidity trap, an expansion in government spending increases output and causes a fall in the unemployment rate. Since movements in unemployment are persistent, the effects of current spending prevail into the future, leading to an enduring rise in income. As an enduring rise in income boosts private demand, an increase in government spending sets in motion a virtuous employment-spending spiral with large effects on macroeconomic aggregates. ; Financial support is gratefully acknowledged from the Centre for Macroeconomics (CfM) and the Institute for New Economic Thinking (INET). ; This is the accepted manuscript. The final version is available at http://dx.doi.org/10.1093/restud/rdv058Test |
| نوع الوثيقة: | article in journal/newspaper |
| وصف الملف: | application/pdf |
| اللغة: | English |
| العلاقة: | https://www.repository.cam.ac.uk/handle/1810/254152Test |
| الإتاحة: | https://www.repository.cam.ac.uk/handle/1810/254152Test |
| رقم الانضمام: | edsbas.C55C8DB5 |
| قاعدة البيانات: | BASE |
| الوصف غير متاح. |