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dc.contributor.authorStrulik, Holgeren
dc.contributor.authorTrimborn, Timoen
dc.date.accessioned2010-08-11T09:02:13Z-
dc.date.available2010-08-11T09:02:13Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/37519-
dc.description.abstractCan a large-scale deficit spending program speed up recovery after recession? To answer that question we calibrate a standard neoclassical growth model with US data and assume that an exogenous shock has driven aggregate output far below steady-state and that the economy is expected to recover very slowly. We calibrate the model such that a permanent increase of government expenditure is effective in raising output (with a multiplier of 0.75 in the benchmark case). We then show that a "fiscal stimulus", i.e. a temporary increase of government expenditure is not only ineffective but detrimental. Even before the spending program expires, aggregate output is lower than it could be without fiscal stimulus. We show the generality of this result w.r.t. size and persistence of the shock, size of the government multiplier, and the scale and duration of the stimulus program. A phase diagram analysis provides the economic intuition for our unpleasant finding and explains why, generally, private capital stock reaches its lowest level when a fiscal stimulus program expires.en
dc.language.isoengen
dc.publisher|aVerein für Socialpolitik |cFrankfurt a. M.en
dc.relation.ispartofseries|aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Fiscal Policy: The Role of Shocks |xA18-V2en
dc.subject.jelH20en
dc.subject.jelH30en
dc.subject.jelE62en
dc.subject.ddc330en
dc.subject.keyworddeficit spendingen
dc.subject.keywordgovernment spending multiplieren
dc.subject.keywordeconomic recoveryen
dc.subject.keywordeconomic growthen
dc.titleFiscal Stimulus: A Neoclassical Perspective-
dc.typeConference Paperen
dc.identifier.ppn655615237en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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