FISCAL STIMULUS WITH LEARNING‐BY‐DOING
用贝叶斯结构向量自回归发现政府购买增加会提升私人消费、实际工资和全要素生产率并降低通胀，通过在新凯恩斯模型中引入干中学机制解释了这些现象。
Abstract Using a Bayesian structural vector autoregression analysis, we document that an increase in government purchases raises private consumption, the real wage, and total factor productivity (TFP) while reducing inflation. These three facts are hard to reconcile with both neoclassical and New Keynesian models. We extend a standard New Keynesian model to allow for skill accumulation through past work experience. An increase in government spending increases hours and induces skill accumulation and higher measured TFP and real wages in subsequent periods. Future marginal costs fall lowering expected inflation and, through the monetary policy rule, the real interest rate. Consumption increases as a result.