Le multiplicateur budgétaire endogène au cycle dans un modèle macroéconomique post-keynésien
This article proposes a synthesis and additional explanations to the concept of state-dependent fiscal multiplier. Recently, several studies have shown that this multiplier is endogenous to the level of economic activity, increasing during recessions and decreasing during booms. In what follows, we...
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| Main Author: | |
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| Format: | Article |
| Language: | English |
| Published: |
Association Recherche & Régulation
2020-01-01
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| Series: | Revue de la Régulation |
| Subjects: | |
| Online Access: | https://journals.openedition.org/regulation/15306 |
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| Summary: | This article proposes a synthesis and additional explanations to the concept of state-dependent fiscal multiplier. Recently, several studies have shown that this multiplier is endogenous to the level of economic activity, increasing during recessions and decreasing during booms. In what follows, we show that this variability can be explained partly by changing propensities to save and to import during the business cycle. Then, we incorporate endogenous propensities, varying with capacity utilisation, into a Post-Keynesian model. We perform some simulations showing that the multiplier increases during recessions which logically does not advocate a reduction in public spending when the economy is in crisis |
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| ISSN: | 1957-7796 |