Rethinking Multipliers in a Globalized World

This paper uses the central tool of an investment-savings and monetary-policy model with an augmented Philips curve and presents a few extensions of that model to analyze the multiplier effects of macroeconomic policies in the United States. In doi...

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Bibliographic Details
Main Authors:	Nallari, Raj, Mba, Leopold Engozogo
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ADVANCED COUNTRIES ADVANCED ECONOMIES AGGREGATE DEMAND AGGREGATE SUPPLY AGGREGATE SUPPLY CURVE ASSET PRICES ASSET VALUES ASSETS AVAILABILITY OF CREDIT BALANCE SHEET BALANCE SHEETS BANK INTEREST RATE BANKING SECTOR BANKRUPTCY BOND BOOM-BUST CYCLES BUDGET CONSTRAINT BUSINESS CYCLES CAPITAL ASSETS CAPITAL GAINS CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL MARKET CAPITALIZATION CENTRAL BANK CENTRAL BANKS CLOSED ECONOMIES CLOSED ECONOMY COLLATERAL COMMODITY COMMODITY PRICES CONSUMER DURABLES CONSUMER SPENDING CONSUMERS CONSUMPTION FUNCTION CORPORATE TAXES CREDIT CONSTRAINED FIRMS CREDIT MARKET CREDIT MARKETS CREDIT SPREADS CREDITOR CREDITS CURRENT ACCOUNT DEBT DEPOSITS DERIVATIVE DEVALUATION DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT POLICY DISCRETIONARY FISCAL POLICY DISPOSABLE INCOME DOMESTIC BONDS DOMESTIC ECONOMY DOMESTIC INFLATION ECONOMIC ACTIVITY ECONOMIC AGENTS ECONOMIC CRISIS ECONOMIC OUTLOOK ECONOMIC POLICY ECONOMIC RESEARCH ELASTICITY EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET COUNTRIES ENDOGENOUS VARIABLES EQUILIBRIUM EXCHANGE RATE EXCHANGE RATE REGIMES EXCHANGE RATES EXPANSIONARY FISCAL POLICY EXPANSIONARY POLICIES EXPOSURE FEDERAL RESERVE FINANCES FINANCIAL ASSETS FINANCIAL CONTAGION FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL INNOVATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL SYSTEM FISCAL POLICY FISCAL STIMULUS FIXED EXCHANGE RATE FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIME FOREIGN COMPETITION FOREIGN INTEREST FOREIGN INTEREST RATE FOREIGN INTEREST RATES FOREIGN TRADE GDP GLOBAL ECONOMY GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT BUDGET GOVERNMENT DEFICIT GOVERNMENT EXPENDITURE GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HEDGE FUNDS HOLDING HOLDINGS HOUSEHOLD WEALTH HOUSEHOLDS INCOME INCOME LEVEL INCOME TAX INFLATION INFLATION EXPECTATIONS INFLATION RATE INSTRUMENT INSURANCE POLICIES INTEREST ON BONDS INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MONETARY FUND INTERNATIONAL TRADE INVESTMENT DECISION INVESTMENT DECISIONS INVESTMENT FUNCTION INVESTMENT VEHICLE LIFE-INSURANCE LIQUIDITY LOAN LOAN RATE MACROECONOMIC POLICIES MACROECONOMICS MARGINAL PROPENSITY TO CONSUME MARGINAL PROPENSITY TO IMPORT MARKET CONTAGION MARKET LENDING MARKET PRICE MARKET VALUE MARKET VALUES MONETARY ASSETS MONETARY ECONOMICS MONETARY FUND MONETARY POLICIES MONETARY POLICY MONETARY POLICY REACTION FUNCTION MONETARY POLICY RULE MONETARY TRANSMISSION MONETARY TRANSMISSION MECHANISM MONEY CREATION MONEY MARKET MONEY SUPPLY MORTGAGE MORTGAGE-BACKED SECURITIES MULTIPLIER EFFECTS MULTIPLIERS NATIONAL INCOME NET EXPORTS NET WORTH NOMINAL EXCHANGE RATE NOMINAL INTEREST RATE OPEN ECONOMIES OPEN ECONOMY OUTPUT OUTPUT GAP PENSION PENSION FUNDS PERMANENT INCOME PERPETUITY PERSONAL INCOME PHILLIPS CURVE POLICY RESPONSE PRICE ELASTICITY PRIVATE INVESTMENT PROBABILITY OF DEFAULT PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC SPENDING REAL ESTATE REAL INTEREST REAL INTEREST RATE RECEIPTS RECESSION RECESSIONS REINVESTMENT SAVINGS SPECULATIVE BUBBLES STOCK MARKET STOCK MARKETS STOCK PRICE STOCK PRICES STOCKS TAX TAX RATE TERMS OF CAPITAL TOTAL DEBT TRADE BALANCE TRADE BALANCES UNEMPLOYMENT WEALTH WORLD MARKETS WORLD TRADE
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100423133702 http://hdl.handle.net/10986/3764

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http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100423133702
http://hdl.handle.net/10986/3764

Rethinking Multipliers in a Globalized World

Internet

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