Optimal Fiscal and Monetary Policy: Some Recent Results
研究商业周期模型中财政与货币政策的量化性质，发现最优劳动税率几乎恒定、资本所得税率平均接近零，而最优货币政策遵循弗里德曼规则且具有应对冲击的积极性。
This paper studies the quantitative properties of fiscal and monetary policy in business cycle models. In terms of fiscal policy, optimal labor tax rates are virtually constant and optimal capital income tax rates are close to zero on average. In terms of monetary policy, the Friedman rule is optimal?nominal interest rates are zero?and optimal monetary policy is activist in the sense that it responds to shocks to the economy.