The Keynesian Multiplier Effect Reconsidered
研究了政府支出中，对无用公共工程的支出比转移支付有更大的乘数效应，但两者对国家福利的影响相同；部分转移支付会减少国民收入和福利，部分政府购买会完全挤出私人消费并降低福利。
In the standard Keynesian framework, government spending on useless public works has a larger multiplier effect than spending on government transfer payments does. In other words, spending on useless public works increases national income by more than an equivalent increase in government transfer payments would. Nevertheless, their effects on national benefit are identical. For both, the national benefit equals the direct benefit created by the spending. If there are two income classes, some transfers reduce both the national income and the national benefit. Some government purchases completely crowd out private consumption and reduce the national benefit.