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|z 9781451861785
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|a Coenen, Gunter.
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|a Does Government Spending Crowd In Private Consumption? :
|b Theory and Empirical Evidence for the Euro Area /
|c Gunter Coenen, Roland Straub.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2005.
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|a 1 online resource (37 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a In this paper, we revisit the effects of government spending shocks on private consumption within an estimated New-Keynesian DSGE model of the euro area featuring non-Ricardian households. Employing Bayesian inference methods, we show that the presence of non- Ricardian households is in general conducive to raising the level of consumption in response to government spending shocks when compared with the benchmark specification without non-Ricardian households. However, we find that there is only a fairly small chance that government spending shocks crowd in consumption, mainly because the estimated share of non-Ricardian households is relatively low, but also because of the large negative wealth effect induced by the highly persistent nature of government spending shocks.
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|a Mode of access: Internet
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|a Straub, Roland.
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|a IMF Working Papers; Working Paper ;
|v No. 2005/159
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2005/159/001.2005.issue-159-en.xml
|z IMF e-Library
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