A Fiscal Stimulus and Jobless Recovery
在动态随机一般均衡模型中分析政府支出扩张的影响，结合深度习惯和CES生产函数，发现深度习惯放大宏观变量对财政刺激的反应，而资本与劳动替代弹性在估计范围内可产生与无就业复苏一致的情景。
Abstract We analyze the effects of a government‐spending expansion in a dynamic stochastic general equilibrium model with Mortensen–Pissarides labor‐market frictions, deep habits in private and public consumption, investment adjustment costs, a constant elasticity of substitution (CES) production function, and adjustments in employment at both intensive and extensive margins. The combination of deep habits and CES technology is crucial. The presence of deep habits magnifies the responses of macroeconomic variables to a fiscal stimulus, while an elasticity of substitution between capital and labor in the range of available estimates allows the model to produce a scenario compatible with the observed jobless recovery.