Fiscal stimulus and systematic monetary policy: postwar evidence for the United States
I provide structural VAR evidence that U.S. fiscal stimulus programs induce a systematic loosening of interest rates outside of zero-lower-bound episodes. I characterize this policy easing by the Fed as an indirect reaction to disinflationary dynamics unleashed by fiscal stimulus—a finding I corrobo...
Gespeichert in:
| 1. Verfasser: | |
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| Dokumenttyp: | Article (Journal) |
| Sprache: | Englisch |
| Veröffentlicht: |
1 October 2018
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| In: |
Economics letters
Year: 2018, Jahrgang: 173, Pages: 92-96 |
| ISSN: | 0165-1765 |
| DOI: | 10.1016/j.econlet.2018.09.015 |
| Online-Zugang: | Verlag, Volltext: https://doi.org/10.1016/j.econlet.2018.09.015 Verlag, Volltext: http://www.sciencedirect.com/science/article/pii/S0165176518303951 
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| Verfasserangaben: | Sebastian K. Rüth |
MARC
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| 520 | |a I provide structural VAR evidence that U.S. fiscal stimulus programs induce a systematic loosening of interest rates outside of zero-lower-bound episodes. I characterize this policy easing by the Fed as an indirect reaction to disinflationary dynamics unleashed by fiscal stimulus—a finding I corroborate via Taylor-rule estimations. The supporting monetary policy stance amplifies the impact of the expansion in public spending on GDP by roughly one-third. My evidence aligns with fiscal policy models featuring deep-habits in consumption. The empirical regularity of accommodating policy rates, moreover, questions the perception of stimulus being more effective when policy rates are stuck at zero. | ||
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