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dc.contributor.author Galí, Jordi, 1961-
dc.date.accessioned 2020-06-29T11:11:23Z
dc.date.issued 2019
dc.identifier.citation Galí J. The effects of a money-financed fiscal stimulus. Journal of Monetary Economics. 2019 Aug 9:1-32. DOI: 10.1016/j.jmoneco.2019.08.002
dc.identifier.issn 0304-3932
dc.identifier.uri http://hdl.handle.net/10230/45049
dc.description Data de publicació electrònica: 09-08-2019
dc.description.abstract I analyze the effects of a money-financed fiscal stimulus and compare them with those resulting from a conventional debt-financed stimulus. I study the effects of both a tax cut and an increase in government purchases, with and without a binding zero lower bound (ZLB) on the nominal interest rate. When the ZLB is not binding, a money-financed fiscal stimulus is shown to have much larger multipliers than a debt-financed fiscal stimulus. That difference in effectiveness persists, but is much smaller, under a binding ZLB. Nominal rigidities are shown to play a major role in shaping those effects.
dc.description.sponsorship Funding from CERCA Programme/Generalitat de Catalunya and the Barcelona GSE through a Severo Ochoa grant is gratefully acknowledged.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.publisher Elsevier
dc.relation.ispartof Journal of Monetary Economics. 2019 Aug 9:1-32. DOI: 10.1016/j.jmoneco.2019.08.002
dc.rights © Elsevier https://doi.org/10.1016/j.jmoneco.2019.08.002
dc.title The effects of a money-financed fiscal stimulus
dc.type info:eu-repo/semantics/article
dc.identifier.doi https://doi.org/10.1016/j.jmoneco.2019.08.002
dc.subject.keyword Seignorage
dc.subject.keyword Government spending
dc.subject.keyword Fiscal multipliers
dc.subject.keyword Helicopter drop
dc.rights.accessRights info:eu-repo/semantics/embargoedAccess
dc.type.version info:eu-repo/semantics/acceptedVersion
dc.embargo.liftdate 2021-08-09
dc.date.embargoEnd info:eu-repo/date/embargoEnd/2021-08-09

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