Fiscal Policy in a Model With Financial Frictions
构建包含金融摩擦的DSGE模型，校准至美国经济数据，计算产出对多种财政冲击的反应，帮助理解金融危机背景下财政政策的效果。
What are the effects of fiscal policy in the presence of financial frictions? This question is particularly relevant given the great recession of 2008–2009, how forcefully some governments have resorted to fiscal stimulus over the last two years to fight it, and the widespread view that financial markets have played a decisive role in our current economic problems. To analyze this topic, I build a dynamic stochastic general equilibrium (DSGE) model with financial frictions and fiscal policy, calibrate it to observations of the US economy, and compute the response of output to several fiscal shocks.