文章基本信息

标题：Fiscal policy and learning
本地全文：下载
作者：Kaushik Mitra – George W. Evans – Seppo Honkapohja
期刊名称：Bank of Finland Research Discussion Papers (früher: Bank of Finland Discussion Papers)
印刷版ISSN：0785-3572
电子版ISSN：1456-6184
出版年度：2012
卷号：2012
出版社：Suomen Pankki = Bank of Finland
摘要：Using the standard real business cycle model with lump-sum taxes, we analyze the impact of fiscal policy when agents form expectations using adaptive learning rather than rational expectations (RE). The output multipliers for government purchases are significantly higher under learning, and fall within empirical bounds reported in the literature (in sharp contrast to the implausibly low values under RE). Effectiveness of fiscal policy is demonstrated during times of economic stress like the recent Great Recession. Finally it is shown how leaning can lead to dynamics empirically documented during episodes of "fiscal consolidations".
关键词：government purchases, expectations, output multiplier, fiscal consolidation, taxation, Kaushik Mitra, George W. Evans, Seppo Honkapohja, E62, D84, E21, E43