期刊名称：Discussion Papers in Economics / Department of Economics, University of York
出版年度：2015
卷号：2015
出版社：University of York
摘要：This paper builds a framework to jointly examine the possibility of both ‘expansionary fiscal contractions’ (austerity increasing output) and ‘fiscal free lunches’ (expansions reducing government debt), arguments supported by the austerity and stimulus camps, respectively, in recent debates. We propose a new metric quantifying the budgetary implications of fiscal action, a key aspect of fiscal policy particularly at the monetary zero lower bound. We find that austerity needs to be highly persistent and credible to be expansionary, and stimulus temporary, responsive and well-targeted in order to lower debt. We conclude that neitherare likely, especially during periods of economic distress.
关键词：fiscal austerity; expansionary contractions; fiscal free lunch; zero lower bound.
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