Simple Analytics of the Government Expenditure Multiplier
通过一系列可解析求解的简单例子，解释了新凯恩斯模型中决定政府购买产出乘数的关键因素，发现当货币政策受零下限约束时乘数可能远大于1，且此时政府购买扩张能提升福利。
This paper explains the key factors that determine the output multiplier of government purchases in New Keynesian models, through a series of simple examples that can be solved analytically. Sticky prices or wages allow for larger multipliers than in a neoclassical model, though the size of the multiplier depends crucially on the monetary policy response. A multiplier well in excess of one is possible when monetary policy is constrained by the zero lower bound, and in this case welfare increases if government purchases expand to partially fill the output gap that arises from the inability to lower interest rates.