新西兰货币政策从紧与宽松时期的政府支出乘数*

IF 1.1 4区经济学 Q3 ECONOMICS

Economic Record Pub Date : 2022-07-24 DOI:10.1111/1475-4932.12691

Alfred A. Haug, India Power

{"title":"新西兰货币政策从紧与宽松时期的政府支出乘数*","authors":"Alfred A. Haug, India Power","doi":"10.1111/1475-4932.12691","DOIUrl":null,"url":null,"abstract":"<p>We investigate the cumulative government spending multiplier in times of tight and loose monetary policy for New Zealand. Using local projections with instrumental variables, we find the spending multiplier peaks at 0.61 under loose monetary policy, while remaining statistically insignificant when monetary policy is tight. Splitting government spending into two components leads to different results. The government consumption multiplier does not depend on the stance of monetary policy and peaks at 0.55. However, the government investment multiplier peaks at 0.84 when monetary policy is loose, but is not statistically significant when it is tight.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"98 322","pages":"249-270"},"PeriodicalIF":1.1000,"publicationDate":"2022-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12691","citationCount":"0","resultStr":"{\"title\":\"Government Spending Multipliers in Times of Tight and Loose Monetary Policy in New Zealand*\",\"authors\":\"Alfred A. Haug, India Power\",\"doi\":\"10.1111/1475-4932.12691\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We investigate the cumulative government spending multiplier in times of tight and loose monetary policy for New Zealand. Using local projections with instrumental variables, we find the spending multiplier peaks at 0.61 under loose monetary policy, while remaining statistically insignificant when monetary policy is tight. Splitting government spending into two components leads to different results. The government consumption multiplier does not depend on the stance of monetary policy and peaks at 0.55. However, the government investment multiplier peaks at 0.84 when monetary policy is loose, but is not statistically significant when it is tight.</p>\",\"PeriodicalId\":47484,\"journal\":{\"name\":\"Economic Record\",\"volume\":\"98 322\",\"pages\":\"249-270\"},\"PeriodicalIF\":1.1000,\"publicationDate\":\"2022-07-24\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12691\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economic Record\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/1475-4932.12691\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Record","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1475-4932.12691","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

我们研究了新西兰在紧缩和宽松货币政策时期的累积政府支出乘数。使用工具变量的本地预测，我们发现宽松货币政策下的支出乘数峰值为0.61，而在紧缩货币政策下，支出乘数在统计上仍然不显著。将政府支出分成两个部分会产生不同的结果。政府消费乘数不依赖于货币政策的立场，峰值为0.55。而政府投资乘数在宽松货币政策下达到峰值0.84，在紧缩货币政策下不具有统计学意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Government Spending Multipliers in Times of Tight and Loose Monetary Policy in New Zealand*

查看原文本刊更多论文

Government Spending Multipliers in Times of Tight and Loose Monetary Policy in New Zealand*

We investigate the cumulative government spending multiplier in times of tight and loose monetary policy for New Zealand. Using local projections with instrumental variables, we find the spending multiplier peaks at 0.61 under loose monetary policy, while remaining statistically insignificant when monetary policy is tight. Splitting government spending into two components leads to different results. The government consumption multiplier does not depend on the stance of monetary policy and peaks at 0.55. However, the government investment multiplier peaks at 0.84 when monetary policy is loose, but is not statistically significant when it is tight.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Economic Record ECONOMICS-

CiteScore

1.90

自引率

16.70%

发文量

期刊介绍： Published on behalf of the Economic Society of Australia, the Economic Record is intended to act as a vehicle for the communication of advances in knowledge and understanding in economics. It publishes papers in the theoretical, applied and policy areas of economics and provides a forum for research on the Australian economy. It also publishes surveys in economics and book reviews to facilitate the dissemination of knowledge.