Fiscal Policy in General Equilibrium
在一个定量一般均衡模型中研究财政政策效应，发现基本新古典模型在政策扰动下资本和劳动存在重要动态互动，改变了标准预测，并得出关于政府购买乘数、永久与暂时变化差异、融资决策重要性以及公共投资影响的四个主要结论。
This paper studies the effects of fiscal policy within a quantitative general equilibrium model. We find that the basic neoclassical model has important dynamic interactions of capital and labor in response to policy disturbances, and that these interactions alter standard neoclassical predictions about the equilibrium effects of fiscal policy. Our main findings are that (i) there is likely to be a long run multiplier associated with changes in government purchases, (ii) permanent changes in government purchases induce larger effects than temporary changes, (iii) the financing decision associated with changes in government purchases is quantitatively much more important than the direct resource cost of changes in government purchases, and (iv) public investment policies have dramatic effects on output and on private investment.