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1、LUDGERLINNEMANNANDREASSCHABERTFiscalPolicyintheNewNeoclassicalSynthesisWeanalyticallyderivethecyclicaleffectsoffiscalpolicyshocksinaNewNeoclassicalSynthesismodel.Pricestickinesshastheconsequencethatariseingovernmentdemandaffectslabordemand,whileatthesametimetheusualwealtheffectboostslaborsup
2、ply.Thestrengthofthedemandeffectdependsontheresponseoftherealinterestrategovernedbythemonetarypolicyregime.Whenthecentralbankcontrolsmoneygrowth,fiscalexpansionsaredeflationaryandmightevenbecontractionary,whereasoutput,wages,and,inflationcanincreasewhentheriseintherealinterestrateisdampenedbya
3、ninterestraterule.However,pricestickinessaloneisnotsufficienttoexplainariseinconsumptionaspredictedbyKeynesiantheory.Whataretheeffectsofchangesingovernmentexpendi-tureonthebusinesscycle?Historically,twodifferentandmutuallyincompatiblestrandsoftheorieshavebeenadvancedtoanswerthisquestion.Broa
4、dlycharacter-ized,thereistheKeynesiantradition,ontheonehand,ascapturedinthefamiliartext-bookIS-LMPhillips-curvemodel,withitsfocusontherelevanceofaggregatedemanddisturbancesoncyclicalconditions.Expansionaryfiscalpolicyisviewedexclusivelyasanexogenousincreaseinaggregatedemand,allowingdemand-co
5、n-strainedfirmstosellmoreoutput,thusboostingincome,employment,and,bythemultipliereffect,consumption,becausetheinflexibilityofgoodspricesthatprevailsintheshort-runmakesoutputdemanddetermined.Pricesadjustonlygraduallyandmainlyfollowthecostpushfromincreasingwages,astypicallycapturedinsomeversion
6、sofaPhillips-curvespecification.Ontheotherhand,theeffectsoffiscalpolicyhavebeenstudiedmorerecentlyinpurelyrealdynamicgeneralequilibriummodelswithoptimizingagentsandfullyflexibleprices,e.g.,byBaxterandKing(1993).Here,thecentralmechanismbywhichfiscalpolicyinfluencestheprivateeconomyisthenegativewe
7、altheffectimpliedbythetaxfinancingofrisinggovernmentexpenditure,whichwithstandardpreferences,inducesadecreaseinprivateconsumptionalongwithanincreaseinLudgerLinnemannisaffiliatedwiththeDepartmentofEconomicsofUniversityofCologne.E-mail:linnemannwiso.uni-koe
