Optimal Simple Monetary and Fiscal Rules under Limited Asset Market Participation
研究发现，有限资产市场参与和消费习惯会导致商业周期模型出现不确定性，而基于简单财政规则的需求管理政策能恢复均衡确定性，其中财政控制名义收入增长特别有效，且与泰勒规则互补能带来较大福利收益。
The combination of limited asset market participation and consumption habits generates indeterminacy for empirically plausible calibrations of a business cycle model characterized by price and nominal wage rigidities. Equilibrium determinacy is restored by demand management policies based on simple fiscal rules. In this regard, fiscal control of nominal income growth is particularly effective. In addition the complementarity between the Taylor rule and the fiscal feedback on nominal income growth produces relatively large welfare gains, limiting both aggregate and intragroup volatilities.