Optimal Fiscal and Monetary Policy in Customer Markets
构建了一个包含客户市场和广告的模型，基于美国数据估计发现定价中存在大量拥挤外部性，进而分析最优政策：在完全税收下财政政策可消除外部性，而仅用利率和劳动税时劳动税需大幅顺周期波动，货币政策变化不大。
We present a model in which some goods trade in “customer markets” and advertising facilitates long‐lived relationships. We estimate the model on U.S. data and find a large congestion externality in the pricing of customer market goods. This motivates the analysis of optimal policy. Under a complete set of taxes, fiscal policy eliminates the externalities with large adjustments in tax rates on customer markets goods, while labor tax volatility remains low. Constraining the instruments to the interest rate and labor tax, the optimal labor tax displays large and procyclical fluctuations, but monetary policy is little changed compared to a model with no customer markets.