Efekty polityki fiskalnej w warunkach niskich stóp procentowych – przegląd literatury
Effects of fiscal policy at low interest rates – literature overview

Summary/Abstract: The aim of this paper is to present a review of literature concerning the effectiveness of fiscal policy in terms of nominal interest rates closed to zero. According to the recent studies, when the zero lower bound is binding, the effectiveness of fiscal expansion (measured by fiscal multipliers) increases. Moreover, the impact of fiscal policy is stronger the more accommodative monetary policy is.

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