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首页> 外文期刊>Journal of Economic Dynamics and Control >Great recession, slow recovery and muted fiscal policies in the US
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Great recession, slow recovery and muted fiscal policies in the US

机译：美国经济严重衰退，复苏缓慢以及财政政策不振

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摘要

This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the subsequent jobless recovery is explained by the ZLB effect. We estimate a fraction of Non-Ricardian households which is close to 50%, and obtain comparatively large fiscal multipliers. However we cannot detect a significant contribution of fiscal policies in stabilizing the US economy. For instance, the 2007-2009 large increase in expenditure-to-GDP ratios was apparently determined by the adverse non-policy shocks that caused the recession. (C) 2016 Elsevier B.V. All rights reserved.
机译：本文重新考虑了宏观经济冲击和政策在确定美国大萧条和随后的复苏中的作用。大萧条主要是由需求激增和ZLB利率政策引起的。与以前的发现相反，随后的失业恢复由ZLB效应解释。我们估计非里卡多家庭的比例接近50％，并获得相对较大的财政乘数。但是，我们无法发现财政政策对稳定美国经济的重大贡献。例如，2007-2009年支出与国内生产总值比率的大幅增长显然是由引起衰退的不利非政策冲击所决定的。 （C）2016 Elsevier B.V.保留所有权利。

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