Fiscal Policy in an Expectations-Driven Liquidity Trap

By Karel Mertens, Morten O. Ravn. 2014

302 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/971f8505ddb0be5b1d4ea9aadc61252dc2491ff8

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In Economics and Econometrics

Citations in the corpus

Government Spending Multipliers in Good Times and in Bad: Evidence from US Historical Data (2014, unknown): “…2) when the economy is at the zero lower bound.28 This view has been challenged by a series of new papers, some of which construct models in which multipliers are lower at the zero lower bound (see, e.g., Aruoba and Schorfheide 2013; Braun, Korber, and Waki 2013; Kiley 2014; Mertens and Ravn 2014).”
Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan (2018, unknown): “For example, Michaillat (2014) shows that the public-employment multiplier is larger when labor market tightness is lower: one additional worker hired by the government crowds out only a few private sector workers.”
Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions (2014, unknown): “…to positive government spending shocks, while the same exercise with the constant real interest rate monetary policy yields 39The sensitivity of the fixed nominal interest rate multiplier to the persistence of government spending is closely related to issues discussed in Mertens and Ravn (2010).”
Inference in Structural Vector Autoregressions identified with an external instrument (2020, unknown): “We follow Mertens and Ravn (2013) and achieve identification by imposing an additional ‘‘zero’’ restriction on one of the columns of the contemporaneous impulse responses (for example c ′Θ0,1 = 0).”
A shadow rate New Keynesian model (2016, unknown): “We then show unconventional monetary policy has identical (1)For empirical studies, see, Basu and Bundick (2012), Nikolsko-Rzhevskyy et al. (2014), Aizenman et al.”
Macroeconomic Dynamics Near the ZLB: A Tale of Two Countries (2016, methodology): “This result is linked to the findings of Eggertsson (2011) and Mertens and Ravn (2014), who show that positive demand shocks may lead to a negative comovement of prices and output in the deflation regime.14 The sign switching for the inflation response to the discount factor shock is the same…”
Targeted transfers and the fiscal response to the great recession (2012, unknown): “…Ilzetzki et al. (2010), Mertens and Ravn (2010a) 2 In the recent past, see Perotti (2008), Mountford and Uhlig (2009), Corsetti et al. (2009), Mertens and Ravn (2010b), Barro and Redlick (2009), Ramey (2009), Nekarda and Ramey (2010), Krenn and Gordon (2010), Monacelli et al. (2010),…”