Unconventional Fiscal Policy at the Zero Bound
当名义利率触及零下限时，货币政策失效，而税收政策能以零成本且时间一致的方式提供刺激，无需依赖低效的公共支出或未来低利率承诺。
When the zero lower bound on nominal interest rates binds, monetary policy cannot provide appropriate stimulus. We show that, in the standard New Keynesian model, tax policy can deliver such stimulus at no cost and in a time-consistent manner. There is no need to use inefficient policies such as wasteful public spending or future commitments to low interest rates.