タイトル(掲載誌)Institute of Social and Economic Research Discussion Papers
一般注記It has been empirically observed that consumption responds positively to government spending shock, however, existing models with intertemporally-optimizing households do not easily reconcile this stylized fact. This paper aims to address this discrepancy between models and data, focusing on the non-separable preferences with respect to consumption, leisure, and government spending. We derive conditions for a positive consumption multiplier under the general utility function and find that consumption can respond positively when leisure and government spending are substitutes. Examples of government spending that would have such an effect include care for children and the elderly, education spending, highway and public transportation.
連携機関・データベース国立情報学研究所 : 学術機関リポジトリデータベース(IRDB)(機関リポジトリ)