Optimal Monetary and Fiscal Policy with a Zero Bound on Nominal Interest Rates
在一个名义利率可能触及零下限的随机新凯恩斯模型中，研究了最优货币与财政政策，发现相机抉择下财政稳定政策能大幅消除零下限带来的福利损失，而承诺下财政工具的收益仍有限。
I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal interest rates may occasionally hit the zero lower bound. The benevolent policymaker controls the short‐term nominal interest rate and the level of government spending. Under discretionary policy, accounting for fiscal stabilization policy eliminates to a large extent the welfare losses associated with the presence of the zero bound. Under commitment, the gains associated with the use of the fiscal policy tool remain modest, even though fiscal stabilization policy is part of the optimal policy mix.