The Government Spending Multiplier in a (Mis)Managed Liquidity Trap
研究了在央行最优货币政策下，经济处于零利率下限但预期被良好管理时，政府支出冲击对产出和通胀的影响，发现产出乘数可大于1而通胀乘数接近零，与2009年美国复苏法案的实证证据一致。
Abstract I study the impact of a government spending shock in a New Keynesian model when monetary policy is set optimally. In this framework, the economy is at the zero lower bound but expectations are well managed by the central bank. As such, the multiplier effect of government spending increases on expected inflation is close to zero while the one on output can be larger than one. This is consistent with recent empirical evidence on the effects of the 2009 American Recovery and Reinvestment Act.