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Data and code for: Automatic stabilizers in a low-rate environment
Principal Investigator(s): View help for Principal Investigator(s) Olivier Blanchard, MIT and PIIE; Lawrence Summers, Harvard University
Version: View help for Version V1
Name | File Type | Size | Last Modified |
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Database 1980 2019_12_13_2019.dta | application/x-stata | 32.7 KB | 02/16/2020 06:22:AM |
Database_AS_12_12_2019.dta | application/x-stata | 31.5 KB | 02/16/2020 06:22:AM |
Figure3.m | text/x-objcsrc | 129 bytes | 02/16/2020 06:22:AM |
Figure3_Five_period_ITC.mod | text/plain | 857 bytes | 02/16/2020 06:22:AM |
Figure3_No_ITC.mod | text/plain | 687 bytes | 02/16/2020 06:22:AM |
Figure3_One_period_ITC.mod | text/plain | 792 bytes | 02/16/2020 06:22:AM |
Figure4.m | text/x-objcsrc | 4 bytes | 02/16/2020 06:22:AM |
Figure4_Four_period_ITC.mod | text/x-matlab | 2.1 KB | 02/16/2020 06:22:AM |
Figure4_No_ITC.mod | text/x-matlab | 2.1 KB | 02/16/2020 06:22:AM |
Figure4_Twenty_period_ITC.mod | text/x-matlab | 2.1 KB | 02/16/2020 06:22:AM |
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Project Citation:
Blanchard, Olivier , and Summers, Lawrence. Data and code for: Automatic stabilizers in a low-rate environment. Nashville, TN: American Economic Association [publisher], 2020. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2020-02-16. https://doi.org/10.3886/E117762V1
Project Description
Summary:
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In a world where monetary policy cannot assume
responsibility for stabilization policy, there is a strong need for fiscal
policy to address stabilization issues.
In this context, we argue for “semi-automatic stabilizers” , aimed at
reducing unemployment slumps rather than output recessions. We show that the
hole left by the limits on monetary policy implies a large role for fiscal
policy in general, and for semi-automatic stabilizers in particular. Finally, we argue that the design of
stabilizers, whether they focus on mechanisms that rely primarily on income or
on intertemporal substitution effects, depends crucially on the general design
of discretionary policy.
Scope of Project
JEL Classification:
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E62 Fiscal Policy
E62 Fiscal Policy
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