NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Effects of a Money-Financed Fiscal Stimulus

Jordi Galí

NBER Working Paper No. 26249
Issued in September 2019

---- Acknowledgments ----

I have benefited from comments by seminar and conference participants at the NBER Summer Institute, Dutch Central Bank, Sveriges Riksbank, Stanford University, San Francisco Fed, IMF, Federal Reserve Board, ECB, University of Bern, Banco de España, LUISS, Banca d'Italia, CEPREMAP-Banque de France-Collège de France, and Deutsche Bundesbank, as well as an anonymous referee. Davide Debortoli was most helpful with the programming. I thank Cristina Manea and Alain Schlaepfer for excellent research assistance. Funding from CERCA Programme/Generalitat de Catalunya and the Barcelona GSE through a Severo Ochoa grant is gratefully acknowledged. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Jordi Galí ----

Jordi Galí is a regular consultant to the Sveriges Riksbank. To his knowledge that institution does not have a financial, ideological, or political stake related to the article. No party had the right to review the paper prior to its circulation.

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