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  • Great Recession, Slow Recovery and Muted Fiscal Policies in the US

    Author(s)
    Albonico, Alice
    Paccagnini, Alessia
    Tirelli, Patrizio
    Griffith University Author(s)
    Tirelli, Patrizio
    Year published
    2017
    Metadata
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    Abstract
    This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the subsequent jobless recovery is explained by the ZLB effect. We estimate a fraction of Non-Ricardian households which is close to 50%, and obtain comparatively large fiscal multipliers. However we cannot detect a significant contribution of fiscal policies in stabilizing the US economy. For instance, the 2007–2009 large increase in ...
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    This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the subsequent jobless recovery is explained by the ZLB effect. We estimate a fraction of Non-Ricardian households which is close to 50%, and obtain comparatively large fiscal multipliers. However we cannot detect a significant contribution of fiscal policies in stabilizing the US economy. For instance, the 2007–2009 large increase in expenditure-to-GDP ratios was apparently determined by the adverse non-policy shocks that caused the recession.
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    Journal Title
    Journal of Economic Dynamics and Control
    DOI
    https://doi.org/10.1016/j.jedc.2016.10.012
    Subject
    Economic theory
    Applied economics
    Applied economics not elsewhere classified
    Publication URI
    http://hdl.handle.net/10072/336474
    Collection
    • Journal articles

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