Title of article
Targetedtransfersandthefiscalresponsetothegreatrecession
Author/Authors
Hyunseung Oha، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2012
Pages
15
From page
50
To page
64
Abstract
Between2007and2009,governmentexpendituresincreasedrapidlyacrosstheOECD
countries.Whileeconomicresearchontheimpactofgovernmentpurchaseshas
flourished,inthedata,mostoftheincreaseinexpenditureswasingovernmenttransfers.
After documentingthisfact,wearguethatfutureresearchshouldfocusonthepositive
impactoftransfers.Towardsthis,wepresentamodelinwhichthereisnorepresentative
agentandRicardianequivalencedoesnotholdbecauseofuncertainty,imperfectcredit
markets,andnominalrigidities.Targetedlump-sumtransfersareexpansionaryboth
becauseofaneoclassicalwealtheffectandbecauseofaKeynesianaggregatedemand
effect.
Journal title
Journal of Monetary Economics
Serial Year
2012
Journal title
Journal of Monetary Economics
Record number
846564
Link To Document