A Model of the Confidence Channel of Fiscal Policy
构建了一个静态宏观模型，其中政府支出通过直接和预期渠道影响总需求，并分析了在投资调整成本、信息不完美和商品不完全替代下，政府支出如何防止协调失灵，以及最优支出水平在经济低迷时较高。
This article presents a simple macroeconomic model where government spending affects aggregate demand directly and indirectly, through an expectational channel. Prices are fully flexible and the model is static, so intertemporal issues play no role. There are three important elements in the model: (i) fixed adjustment costs for investment, which create an inaction zone; (ii) noisy idiosyncratic information about the aggregate economy; and (iii) imperfect substitution among private goods and goods provided by the government. An increase in government spending raises demand for private goods and may prevent a coordination failure. The optimal level of government expenditure is high when the desired level of investment is low, which we interpret as a time of low economic activity.