Endogenous business cycles and systematic stabilization policy*
研究财政政策规则如何影响完全竞争货币模型中理性预期均衡的确定性，发现政府支出份额对GNP增长负向反应足够强的规则能以极小的稳态扭曲稳定经济，避免内生波动。
We study the effects of fiscal policy rules on the determinacy of rational expectations equilibrium in a perfectly competitive monetary model with constant returns. Government spending implies a distortion of the monetary steady state due to the implied taxation. We show that policy rules that let the GNP share of government spending depend sufficiently negatively on increases in GNP stabilize the economy with respect to endogenous fluctuations for arbitrarily little distortion of the steady state at which stabilization occurs. The rules do not involve lump‐sum taxation, negative income taxation, or exact knowledge of the economy's laissez‐faire steady state.