Sie befinden Sich nicht im Netzwerk der Universität Paderborn. Der Zugriff auf elektronische Ressourcen ist gegebenenfalls nur via VPN oder Shibboleth (DFN-AAI) möglich.
mehr Informationen...
Private debt overhang and the government spending multiplier: Evidence for the United States
Ist Teil von
Journal of applied econometrics (Chichester, England), 2018-06, Vol.33 (4), p.485-508
Ort / Verlag
Chichester: Wiley (Variant)
Erscheinungsjahr
2018
Link zum Volltext
Quelle
Wiley-Blackwell Full Collection
Beschreibungen/Notizen
Using state-dependent local projections and historical US data, we find that government spending multipliers are considerably larger in periods of private debt overhang. In particular, while multipliers are below or close to one in low private debt states, we find significant crowding-in of private spending in periods of debt overhang, resulting in multipliers that are much larger than one. In high private debt episodes, more government purchases even reduce the ratio of government debt to gross domestic product. These results are robust for the type of shocks, and when we control for the business cycle, financial crises, deleveraging episodes, government debt overhang, and the zero-lower-bound.