财政政策对信贷市场的影响Effects of Fiscal Policy on Credit Markets

作者：

• 艾伦·奥尔巴赫
• 尤里·戈罗德尼琴科（Yuriy Gorodnichenko）
• 丹尼尔·墨菲
  

摘要：
信贷市场通常陷入衰退中：信贷下降的机会和信贷成本的增加。传统的政策对策是依靠货币工具使金融市场具有流动性。考虑到当前经济条件下货币政策的空间有限，我们研究了财政刺激措施如何影响地方信贷市场。利用美国联邦ZF合同中丰富的地域差异，我们证明在当地经济中，由于ZF扩张性支出冲击，消费者贷款利率降低。


AbstractCredit markets typically freeze in recessions: access to credit declines and the cost of credit increases. A conventional policy response is to rely on monetary tools to saturate financial markets with liquidity. Given limited space for monetary policy in the current economic conditions, we study how fiscal stimulus can influence local credit markets. Using rich geographical variation in U.S. federal government contracts, we document that, in a local economy, interest rates on consumer loans decrease in response to an expansionary government spending shock.

财政政策对信贷市场的影响.pdf
大小:(385.49 KB)

只需: 1 个论坛币  马上下载