The Role of Fiscal Policy — A Survey of Recent Empirical Findings

IF 1.5 4区经济学 Q2 ECONOMICS

Open Economies Review Pub Date : 2024-04-19 DOI:10.1007/s11079-024-09759-4

Vo Phuong Mai Le, David Meenagh, Patrick Minford

引用次数: 0

Abstract

DSGE models based on New Keynesian principles, which have been extended to allow for banking, the zero lower bound on interest rates (ZLB), and varying price duration, can account well for recent macroeconomic behavior across a variety of economies. These models find that active fiscal policy can contribute to macroeconomic stability and welfare by reducing the frequency of hitting the ZLB. Fiscal policy can also share the stabilisation role with monetary policy, whose effectiveness under the ZLB is much reduced.

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财政政策的作用--近期实证研究结果概览

基于新凯恩斯主义原理的 DSGE 模型可以很好地解释各种经济体近期的宏观经济行为。这些模型发现，积极的财政政策可以通过降低触及 ZLB 的频率来促进宏观经济的稳定和福利。财政政策还可以与货币政策共同发挥稳定作用，而货币政策在 ZLB 条件下的效果会大打折扣。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Open Economies Review ECONOMICS-

CiteScore

2.30

自引率

16.70%

发文量

期刊介绍： The topics covered in Open Economies Review include, but are not limited to, models and applications of (1) trade flows, (2) commercial policy, (3) adjustment mechanism to external imbalances, (4) exchange rate movements, (5) alternative monetary regimes, (6) real and financial integration, (7) monetary union, (8) economic development and (9) external debt. Open Economies Review welcomes original manuscripts, both theoretical and empirical, dealing with international economic issues or national economic issues that have transnational relevance. Furthermore, Open Economies Review solicits contributions bearing on specific events on important branches of the literature. Open Economies Review is open to any and all contributions, without preferences for any particular viewpoint or school of thought. Open Economies Review encourages interdisciplinary communication and interaction among researchers in the vast area of international and transnational economics. Authors will be expected to meet the scientific standards prevailing in their respective fields, and empirical findings must be reproducible. Regardless of degree of complexity and specificity, authors are expected to write an introduction, setting forth the nature of their research and the significance of their findings, in a manner accessible to researchers in other disciplines. Officially cited as: Open Econ Rev