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Fiscal stimulus in expectations-driven liquidity traps

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I study liquidity traps in a model where agents have heterogeneous expectations and finite planning horizons. Backward-looking agents base their expectations on past observations, while forward-looking agents have fully rational expectations. Liquidity traps that are fully or partly driven by expect...

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Bibliographische Detailangaben
1. Verfasser: Lustenhouwer, Joep (VerfasserIn)
Dokumenttyp: Buch/Monographie Arbeitspapier
Sprache:Englisch
Veröffentlicht: Heidelberg University of Heidelberg, Department of Economics 14 May 2020
Schriftenreihe:Discussion paper series / University of Heidelberg, Department of Economics no. 683
In: Discussion paper series (no. 683)

DOI:10.11588/heidok.00028307
Schlagworte:
Graue Literatur
Online-Zugang:Verlag, kostenfrei: http://archiv.ub.uni-heidelberg.de/volltextserver/28307/1/Lustenhouwer_2020_dp683.pdf
Resolving-System, kostenfrei: https://doi.org/10.11588/heidok.00028307
Resolving-System, kostenfrei: http://hdl.handle.net/10419/235006
Resolving-System, kostenfrei, Volltext: https://nbn-resolving.org/urn:nbn:de:bsz:16-heidok-283071
Volltext
Verfasserangaben:Joep Lustenhouwer

MARC

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520 |a I study liquidity traps in a model where agents have heterogeneous expectations and finite planning horizons. Backward-looking agents base their expectations on past observations, while forward-looking agents have fully rational expectations. Liquidity traps that are fully or partly driven by expectations can arise due to pessimism of backward-looking agents. Only when planning horizons are finite, these liquidity traps can be of longer duration without ending up in a deflationary spiral. I further find that fiscal stimulus in the form of an increase in government spending or a cut in consumption taxes can be very effective in mitigating the liquidity trap. A feedback mechanism of heterogeneous expectations causes fiscal multipliers to be the largest when the majority of agents is backward-looking but there also is a considerable fraction of agents that are forward-looking. Labor tax cuts are always deflationary and are not an effective tool in a liquidity trap. 
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