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Fiscal Multipliers and Policy Coordination

Gauti B. Eggertsson

(real government spending (deficit spending) 1 3.4 3.8

(coordination failure)

1 Introduction

2003 5 31 FRB

2003 6 The Economist

1

1930

30 197519821991

1 Krugman (2001)

1

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2

1998 GDP 150

Eggertsson and Estry (2005)

2

3

Lucas

and Stokey (1983)

(MPE)Maskin and Tirole

(2001)

3

IS-LM

1

it

Mt Ft Tt

2 Krugman(2001)

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3

FRB

Calvo (1977)

Bernanke (2003)

1 2

1 21

1

3.37 3.76

Brown (1956)

0.5 2.3

1 2

2

Bernanke (2003)

(Eggertsson 2006)

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4

(Eggertsson 2005)

Benhabib et al. (2002) Buiter (2003) (zero

bound)

Eggertsson and Woodford (2003)(Eggertsson

(2006)

Krugman (1998)Eggertsson and Woodford (2003)

Jung et al. (2006) Adam and Billi (2006)Nakov (2006)

Jeanne and Svensson (2004) Eggertsson (2006)

(Fiscal Theory of Price Level (FTPL)) Leeper (1992)Sims (1994)

Woodford (1996)Sargent and Wallace (1981))FTPL

FTPL

6

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5

1920

GNP 1929 0.51930 1.11931 0.4

4

1931 12

4

GNP

30

1936

1930

Eggertsson

(2005)

Kuttner and Posen (2001)

7 Conclusion

70

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Kydland and Prescott (1977) Barro and Gordon (1983)

Eggertsson (2006)Svensson and Jeanne (2004)

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