When Is the Government Transfer Multiplier Large?
Transfers to individuals were a larger part of the 2009 US stimulus package than government purchases. Using a two-agent New Keynesian model, we show analytically that the multiplier on targeted transfers to financially constrained households is (i) larger than the purchase multiplier if the zero lo...
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Elsevier
2018
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| Online Access: | http://hdl.handle.net/10986/29203 |