Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/55840
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dc.contributor.authorMayer, Ericen_US
dc.contributor.authorRüth, Sebastianen_US
dc.contributor.authorScharler, Johannen_US
dc.date.accessioned2012-03-01en_US
dc.date.accessioned2012-03-07T14:13:09Z-
dc.date.available2012-03-07T14:13:09Z-
dc.date.issued2012en_US
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_US
dc.language.isoeng
dc.publisher|aUniv., Lehrstuhl für VWL 1 |cWürzburgen_US
dc.relation.ispartofseries|aWürzburg economic papers |x87en_US
dc.subject.jelE31en_US
dc.subject.jelE62en_US
dc.subject.jelH63en_US
dc.subject.ddc330en_US
dc.subject.keywordfiscal multiplieren_US
dc.subject.keywordNew Keynesian modelen_US
dc.subject.keywordgovernment debten_US
dc.subject.keywordinflationen_US
dc.subject.stwFinanzpolitiken_US
dc.subject.stwMultiplikatoren_US
dc.subject.stwNeukeynesianische Makroökonomiken_US
dc.subject.stwÖffentliche Schuldenen_US
dc.subject.stwInflationsrateen_US
dc.subject.stwDynamisches Modellen_US
dc.subject.stwTheorieen_US
dc.titleGovernment debt, inflation dynamics and the transmission of fiscal policy shocksen_US
dc.typeWorking Paperen_US
dc.identifier.ppn687806968en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:wuewep:87-

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