Replication data for: Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan

Principal Investigator(s): View help for Principal Investigator(s) Wataru Miyamoto; Thuy Lan Nguyen; Dmitriy Sergeyev

Version: View help for Version V1

Name	File Type	Size	Last Modified
Data			10/12/2019 08:24:PM
Do_files			10/12/2019 08:24:PM
Results			10/12/2019 08:24:PM
Read_me.pdf	application/pdf	456.8 KB	10/12/2019 04:24:PM
plot_figures.m	text/plain	24.9 KB	10/12/2019 04:24:PM

Project Description

Summary: Using a rich dataset on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). The on-impact output multiplier is 1.5 in the ZLB period and 0.6 outside of it. We estimate that government spending shocks increase both private consumption and investment during the ZLB period, but crowd them out in the normal period. There is evidence that expected inflation increases more in the ZLB period than in the normal period.

Scope of Project

JEL Classification:
      E21 Macroeconomics: Consumption; Saving; Wealth
      E22 Investment; Capital; Intangible Capital; Capacity
      E23 Macroeconomics: Production
      E31 Price Level; Inflation; Deflation
      E43 Interest Rates: Determination, Term Structure, and Effects
      E52 Monetary Policy
      E62 Fiscal Policy

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Published Versions

V1 [2019-10-12]

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DDI 2.5

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