When Is the Government Spending Multiplier Large?

Christiano, L. J., Eichenbaum, Martin, & Rebelo, S. (2011). When Is the Government Spending Multiplier Large?. Journal of Political Economy.

Type

Journal article

Intellectual base

Primary research

Year

2011

Link

https://www.journals.uchicago.edu/doi/10.1086/659312 not authoritativefound

Cited by

1 citation across 1 artifact.

Each citation links to the sentence it supports in the citing article.

Domain-specific

• Fiscal Multiplier
  • … U.S. Congress passed the roughly $800 billion American Recovery and Reinvestment Act in 2009, the Congressional Budget Office and academic economists estimated its output effects component by component, because the policy interest rate was pinned at the zero lower bound and monetary policy could not offset the impulse

    This sourceEstablishes the sentence's 'because' clause: when the nominal interest rate is pinned at the zero lower bound the central bank cannot offset a fiscal impulse, so the spending multiplier is far larger than under an active monetary rule; the ARRA facts themselves are not this paper's.

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