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dc.contributor.authorMayer, Ericen
dc.contributor.authorRüth, Sebastianen
dc.contributor.authorScharler, Johannen
dc.date.accessioned2012-03-01-
dc.date.accessioned2012-03-07T14:13:09Z-
dc.date.available2012-03-07T14:13:09Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/55840-
dc.description.abstractWe analyze the influence of the fiscal position on the transmission of government spending shocks in a New Keynesian model. We find that once we allow for positive levels of government debt in the steady state, the sign and the size of the fiscal multiplier depend strongly on the horizon at which the multiplier is evaluated. While the long-run effect of a fiscal policy innovation is typically of a similar order of magnitude as in Gali et al. (2007), short-run multipliers differ substantially. The reason for this non-monotonic behavior is the interaction between the dynamics of the inflation rate and the debt level in real terms, which is absent in standard models in which government debt is restricted to be equal to zero in the steady state.en
dc.language.isoengen
dc.publisher|aUniversity of Würzburg, Department of Economics |cWürzburgen
dc.relation.ispartofseries|aW.E.P. - Würzburg Economic Papers |x87en
dc.subject.jelE31en
dc.subject.jelE62en
dc.subject.jelH63en
dc.subject.ddc330en
dc.subject.keywordfiscal multiplieren
dc.subject.keywordNew Keynesian modelen
dc.subject.keywordgovernment debten
dc.subject.keywordinflationen
dc.subject.stwFinanzpolitiken
dc.subject.stwMultiplikatoren
dc.subject.stwNeukeynesianische Makroökonomiken
dc.subject.stwÖffentliche Schuldenen
dc.subject.stwInflationsrateen
dc.subject.stwDynamisches Modellen
dc.subject.stwTheorieen
dc.titleGovernment debt, inflation dynamics and the transmission of fiscal policy shocks-
dc.typeWorking Paperen
dc.identifier.ppn687806968en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:wuewep:87en

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