Fiscal Multiplier At The Zero Bound: Evidence From Japan
from the San Francisco Fed
– this post authored by Ethan Goode, Zheng Liu, and Thuy Lan Nguyen
The United States has implemented large-scale fiscal policy measures to help households and businesses cushion the economic fallout from the COVID-19 pandemic and to strengthen the recovery. The Federal Reserve has also supported the economy by keeping its policy rate at the zero lower bound. Evidence from Japan suggests that, in a sustained zero-bound environment, an unexpected increase in government spending has much larger and more persistent effects on real GDP, and even more so when the economy is in a recession.
Source: http://econintersect.com/pages/contributors/contributor.php?post=202105300525
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