When Is the Government Spending Multiplier Large?
研究发现，当名义利率处于零下限时，政府支出乘数可能远大于1，且零利率期间支出占比越高乘数越大。该结论基于动态随机一般均衡模型，并符合金融危机期间宏观数据表现。
We argue that the government-spending multiplier can be much larger than one when the zero lower bound on the nominal interest rate binds. The larger the fraction of government spending that occurs while the nominal interest rate is zero, the larger the value of the multiplier. After providing intuition for these results, we investigate the size of the multiplier in a dynamic, stochastic, general equilibrium model. In this model the multiplier effect is substantially larger than one when the zero bound binds. Our model is consistent with the behavior of key macro aggregates during the recent financial crisis.