Government Spending Shocks and Rule‐of‐Thumb Consumers with Steady‐State Inequality*
研究了政府支出能否刺激私人消费，发现传统模型中假设稳态再分配会扭曲短期结果；若不进行再分配，均衡不确定且支持扩张效应的劳动市场结构在理论上不一致。
Abstract In the body of literature concerning fiscal policy, a central result is that government spending might stimulate private consumption because only some households save, while others spend their entire income each period. Although such heterogeneity naturally causes inequality, this complication is commonly avoided by assuming that transfers redistribute steady‐state wealth. I show that this steady‐state assumption drives short‐run results. Without redistribution, the equilibrium is indeterminate, and the labor‐market structure that is imposed to support the expansive result is theoretically inconsistent. On a more positive note, I propose a labor‐market formulation under which the expansive effects of government spending might arise.