Fiscal Policy And the Nominal Term Premium
用战后美国数据估计新凯恩斯模型，发现纳入政府债务和扭曲性税收后，模型能以较低风险厌恶匹配名义期限溢价水平。
Abstract We estimate a New Keynesian model on postwar U.S. data with the generalized method of moments using either constant or time‐varying debt and distortionary labor income taxes. We show that accounting for government debt and distortionary taxes help the New Keynesian model match the level of the nominal term premium with a lower relative risk‐aversion than typically found in the literature.