Dynamic Coordination and the Optimal Stimulus Policies
研究存在需求外部性和投资固定成本时，动态协调问题如何导致经济陷入低产出陷阱，以及社会规划者应如何设计刺激政策。
This article studies stimulus policies in a simple macroeconomic model featuring a dynamic coordination problem that arises from demand externalities and fixed costs of investment. In times of low economic activity, firms face low demand and hence have lower incentives for investing, which reinforces their low‐demand expectations. In a benchmark case with no shocks, the economy might get trapped in a low‐output regime and a social planner would be particularly keen to incentivise investment at times of low economic activity. However, this result vanishes once shocks are considered.