THE OUTPUT AND WELFARE EFFECTS OF GOVERNMENT SPENDING SHOCKS OVER THE BUSINESS CYCLE
在一个中等规模的DSGE模型中研究了政府支出冲击的产出与福利效应，考虑了政府消费和投资以及多种融资机制，发现逆周期政府支出作为一般政策不可取，但在特定情况下（如货币政策被动或政府投资生产率高）可能有益。
Abstract This article studies the output and welfare effects of shocks to government spending in a medium‐scale DSGE model. Our model considers both government consumption and investment and allows for a variety of fiscal financing mechanisms. We use the model to address several questions pertaining to the magnitude and state dependence of both the output and welfare effects of changes in government spending. Countercyclical government spending is undesirable as a general policy prescription, but we highlight situations (such as when monetary policy is passive or when government investment is particularly productive) in which it might be beneficial.