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首页> 外文期刊>Journal of Economic Dynamics and Control >The fiscal multiplier and spillover in a global liquidity trap
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The fiscal multiplier and spillover in a global liquidity trap

机译：全球流动性陷阱中的财政乘数和溢出效应

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摘要

We consider the fiscal multiplier and spillover-the extent to which one country's government expenditure increases production at home and also in another foreign country, when the two countries are caught simultaneously in a liquidity trap. Using a standard new open economy macroeconomics (NOEM) model, we show that the fiscal multiplier and spillover are contrary to textbook economics. For the country where government expenditure takes place, the fiscal multiplier exceeds one, the currency depreciates, and the terms of trade worsen. The fiscal spillover is negative if the intertemporal elasticity of substitution in consumption is less than one, and positive if it is greater than one. Incomplete stabilization of marginal costs due to the existence of the zero lower bound is critical in understanding the effects of fiscal policy in open economies. These results remain unchanged even if we incorporate incomplete markets or endogenous capital into the model, but local currency pricing yields positive fiscal spillover irrespective of the size of the intertemporal elasticity of substitution.
机译：我们考虑财政乘数和溢出效应，即当一个国家的政府支出同时陷入流动性陷阱时，一个国家的政府支出在本国和另一个外国增加生产的程度。使用标准的新开放经济宏观经济学（NOEM）模型，我们表明财政乘数和溢出效应与教科书经济学相反。对于发生政府支出的国家，财政乘数超过1，货币贬值，贸易条件恶化。如果消费替代的跨期弹性小于1，则财政溢出为负；如果大于1，则财政溢出为正。由于存在零下限，边际成本的不完全稳定对于理解开放经济中财政政策的影响至关重要。即使我们将不完整的市场或内生资本纳入模型，这些结果仍保持不变，但是不管替代的跨期弹性大小如何，当地货币定价都会产生积极的财政溢出效应。

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