Fiscal Policy in an Expectations-Driven Liquidity Trap

DOI10.1093/RESTUD/RDU016MaRDI QIDQ4610698zbMATH OpenOpenAlexFDO

Authors Karel Mertens, Morten O. Ravn

Publication date 23 January 2019

Published in Review of Economic Studies (Search for Journal in Brave)

Full work available at URL https://discovery.ucl.ac.uk/id/eprint/10066707/

zbMATH Keywords

fiscal policyliquidity trapzero lower boundconfidence shocks

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64)

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Cited in

(38)

• The fiscal multiplier in a liquidity-constrained New Keynesian economy
• Inference in structural vector autoregressions identified with an external instrument
• Managing pessimistic expectations and fiscal policy
• Do we reject restrictions identifying fiscal shocks? Identification based on non-Gaussian innovations
• Coherence without rationality at the zero lower bound
• The fiscal multiplier and spillover in a global liquidity trap
• Monetary and fiscal policy in a liquidity trap with inflation persistence
• Managing unanchored, heterogeneous expectations and liquidity traps
• Protectionism in a liquidity trap
• Log-linear approximation versus an exact solution at the ZLB in the New Keynesian model
• scientific article; zbMATH DE number 1996467 (Why is no real title available?)
• Average inflation targeting and macroeconomic stability
• Fiscal policy interventions at the zero lower bound
• The failure of stabilization policy: balanced-budget fiscal rules in the presence of incompressible public expenditures
• EXPECTATIONS, STAGNATION, AND FISCAL POLICY: A NONLINEAR ANALYSIS
• Analyzing linear DSGE models: the method of undetermined Markov states
• A shadow rate New Keynesian model
• Are sunspots learnable? An experimental investigation in a simple macroeconomic model
• Lack of confidence, the zero lower bound, and the virtue of fiscal rules
• Are government spending shocks inflationary at the zero lower bound? New evidence from daily data
• Fiscal policy and liquidity traps with heterogeneous agents
• Effects of different ways of incentivizing price forecasts on market dynamics and individual decisions in asset market experiments
• Learning to live in a liquidity trap
• Learning about fiscal policy and the effects of policy uncertainty
• The zero lower bound, the dual mandate, and unconventional dynamics
• Determinate liquidity traps
• Liquidity traps and expectation dynamics: fiscal stimulus or fiscal austerity?
• Fiscal policy under loose commitment
• Liquidity traps in a world economy
• The public debt multiplier
• Credit constraints and the government spending multiplier
• Self-fulfilling deflations
• Stable near-rational sunspot equilibria
• Fiscal policy in an unemployment crisis
• Regime-dependent fiscal multipliers in the United States
• Multiplicity in New Keynesian models
• Fiscal stimulus with imperfect expectations: spending vs. tax policy
• E-stability vis-à-vis determinacy in regime-switching models

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