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Mnożniki fiskalne w modelu z ograniczeniami kredytowymi

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  • Krzysztof Makarski

    (Group for Research in Applied Economics (GRAPE)
    Warsaw School of Economics
    Narodowy Bank Polski)

Abstract

Celem pracy jest oszacowanie, czy uwzględnienie ograniczeń kredytowych znacząco wpływa na mnożniki fiskalne. W tym celu porównano trzy modele: standardowy model nowokeynesistowski, model nowokeynesistowski z ograniczeniami kredytowymi oraz nowokeynesistowski model Blancharda-Yaariego. Modele skalibrowaliśmy do gospodarki amerykańskiej, w sposób umożliwiający porównania pomiędzy nimi. W modelu z ograniczeniami kredytowymi, w odróżnieniu od pozostałych dwóch specyfikacji, wzrost wydatków rządowych prowadzi do wzrostu konsumpcji prywatnej, na skutek czego wielkość mnożnika jest (nieznacznie) większa od 1. Natomiast pozostałych dwóch modelach wydatki rządowe wypychają prywatną konsumpcję i mnożnik ten wynosi około 0,8. Jednocześnie wielkość mnożnika uzależniona jest od reguły monetarnej. Wyniki te oznaczają, że skuteczność polityki fiskalnej podczas kryzysu finansowego jest większa, niż w warunkach sprawnie funkcjonujących rynków finansowych. Również mnożnik podatkowy jest większy w modelu z ograniczeniami kredytowymi i wynosi 0,2, w porównaniu z prawie (lub dosłownie) zerowym mnożnikiem w pozostałych dwóch modelach.

Suggested Citation

  • Krzysztof Makarski, 2017. "Mnożniki fiskalne w modelu z ograniczeniami kredytowymi," GRAPE Working Papers 13, GRAPE Group for Research in Applied Economics.
    • Handle: RePEc:fme:wpaper:13
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    More about this item

    Keywords

    mnożniki fiskalne; ograniczenia kredytowe; nie-Ricardiańskie gospodarstwa domowe;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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