Dualism and Macroeconomic Volatility
构建了一个宏观经济模型，说明资本市场不完善和投资机会不平等会内生地导致GDP、投资和利率的持续波动，并指出减少不平等和反周期财政政策对稳定经济的作用。
This paper develops a simple macroeconomic model that shows that combining capital market imperfections together with unequal access to investment opportunities across individuals can generate endogenous and permanent fluctuations in aggregate GDP, investment, and interest rates. Reducing inequality of access may be a necessary condition for macroeconomic stabilization. Moreover, countercyclical fiscal policies have a role to play: in our model savings are underutilized in slumps because of the limited debt capacity of potential investors. Therefore, the government should issue public debt during recessions in order to absorb those idle savings and finance investment subsidies or tax cuts for investors.