The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus from a weak fiscal position heightens investors' concerns about sovereign credit risk, raises economy-wide borrowing cost, and reduces private domestic demand...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2019/03/20
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Рабочий документ в рамках исследования вопросов политики
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WPS8784
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1
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1
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2019/03/21
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Disclosed
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Why Do Fiscal Multipliers Depend on Fiscal Positions?
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fiscal position
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