Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212208 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 5/2012
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
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 learning can lead to dynamics empirically documented during episodes of "fiscal consolidations."
Schlagwörter: 
Government Purchases
Expectations
Output Multiplier
Fiscal Consolidation
Taxation
JEL: 
E62
D84
E21
E43
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-788-7
Dokumentart: 
Working Paper

Datei(en):
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