Private debt overhang and the government spending multiplier: Evidence for the United States
利用美国历史数据和状态依赖局部投影方法，研究发现私人债务积压时期政府支出乘数显著更大，甚至能降低政府债务与GDP之比。
Summary Using state‐dependent local projections and historical US data, we find that government spending multipliers are considerably larger in periods of private debt overhang. In particular, while multipliers are below or close to one in low private debt states, we find significant crowding‐in of private spending in periods of debt overhang, resulting in multipliers that are much larger than one. In high private debt episodes, more government purchases even reduce the ratio of government debt to gross domestic product. These results are robust for the type of shocks, and when we control for the business cycle, financial crises, deleveraging episodes, government debt overhang, and the zero‐lower‐bound.