Fiscal Policy in Good Times and Bad
发现，在政府债务或赤字高企的“财政压力”时期，政府收入和支出冲击对私人消费的影响与正常时期截然不同，例如1980年代多国大幅削减赤字反而刺激了消费。
In the 1980s several countries with large government debt or deficit implemented substantial, and in some cases drastic, deficit cuts. Contrary to widespread expectations, in many cases private consumption boomed rather than contracted. This paper shows that in times of “fiscal stress” shocks to government revenues and, especially, expenditure have very different effects on private consumption than in “normal” times.