The Fiscal Multiplier in a Liquidity‐Constrained New Keynesian Economy
研究了在政府债券流动而私人金融资产部分流动的经济中，财政政策对宏观经济的影响，发现财政乘数足够大，使财政政策非常有效。
Abstract We study the effects of fiscal policy on the macroeconomy using a liquidity‐constrained New Keynesian model in which government bonds are liquid, and private financial assets are only partially liquid. We find that the fiscal multipliers in this economic environment are large enough for fiscal policy to be highly effective. In this model, a bond‐financed fiscal expansion can stimulate output because higher public borrowing improves liquidity by increasing the proportion of liquid assets in private‐sector wealth.