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The fiscal multiplier and spillover in a global liquidity trap / Ippei Fujiwara and Kozo Ueda.

Zero lower bound; two-country model; fiscal policy; beggar-thy-neighbor.

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Bibliographic Details
Online Access: Connect to online resource
Main Author: Fujiwara, Ippei
Corporate Author: Nihon Ginkō. Kin'yū Kenkyūjo
Other Authors: Ueda, Kōzō, 1974-
Format: Book
Language:English
Published: Tokyo : Institute for Monetary and Economic Studies, Bank of Japan, 2010.
Series:IMES discussion paper series ; no. 2010-E-3.
Subjects:
International liquidity > Econometric models.
Liquidity (Economics) > Econometric models.
Fiscal policy > Econometric models.
Monetary policy > Econometric models.

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245 1 4 |a The fiscal multiplier and spillover in a global liquidity trap /  |c Ippei Fujiwara and Kozo Ueda. 
260 |a Tokyo :  |b Institute for Monetary and Economic Studies, Bank of Japan,  |c 2010. 
300 |a 19 pages ;  |c 30 cm. 
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490 1 |a IMES discussion paper series ;  |v discussion paper no. 2010-E-3. 
500 |a "March 2010." 
504 |a Includes bibliographical references (pages 15-18) 
530 |a Also freely available online. 
520 3 |a We consider the fiscal multiplier and spillover in an environment in which two countries are caught simultaneously in a liquidity trap. Using an optimizing two-country sticky price model, we show that the fiscal multiplier and spillover are contrary to those predicted in textbook economics. For the country with government expenditure, the fiscal multiplier exceeds one, the currency depreciates, and the terms of trade worsen. The fiscal spillover is negative if the intertemporal elasticity of substitution in consumption is less than one and positive if the parameter is greater than one. Incomplete stabilization of marginal costs due to the existence of the zero lower bound is a crucial factor in understanding the effects of fiscal policy in open economies.--Author's abstract. 
520 0 |a Zero lower bound; two-country model; fiscal policy; beggar-thy-neighbor. 
650 0 |a International liquidity  |x Econometric models. 
650 0 |a Liquidity (Economics)  |x Econometric models. 
650 0 |a Fiscal policy  |x Econometric models. 
650 0 |a Monetary policy  |x Econometric models.  |0 http://id.loc.gov/authorities/subjects/sh2008107910. 
700 1 |a Ueda, Kōzō,  |d 1974-  |0 http://id.loc.gov/authorities/names/nr2006014304  |1 http://isni.org/isni/0000000050591954. 
710 2 |a Nihon Ginkō.  |b Kin'yū Kenkyūjo.  |0 http://id.loc.gov/authorities/names/n85096407  |1 http://isni.org/isni/0000000417569762. 
830 0 |a IMES discussion paper series ;  |v no. 2010-E-3.  |0 http://id.loc.gov/authorities/names/no97025687. 
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