Transfers to individuals were a larger part of the 2009 U.S. stimulus package than government purchases. Using a two-agent New Keynesian model, this paper shows analytically that the multiplier on targeted transfers to financially constrained households is (i) larger than the purchase multiplier if the zero lower bound (ZLB) binds, and (ii) is more sensitive to the degree of monetary accommodation of inflation. Targeted transfers provide the same...
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2017/09/06
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Рабочий документ в рамках исследования вопросов политики
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WPS8184
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1
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1
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2017/09/06
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Disclosed
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When is the government transfer multiplier large ?
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rate of return on capital
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