UNEMPLOYMENT, PARTIAL INSURANCE, AND THE MULTIPLIER EFFECTS OF GOVERNMENT SPENDING
用一个工人失业后无法获得完全保险的模型，解释了政府支出乘数的证据。研究发现，当保险水平低于某个阈值时，政府消费通过扩大就业带来的正面效应会超过财富下降的负面效应，使私人消费和产出的乘数大于0和1。
Abstract I interpret evidence on government spending multipliers using a model in which workers are not fully insured against job loss. Government consumption affects aggregate spending along two margins : (i) an intensive margin owing to a fall in household wealth and (ii) an extensive margin that accounts for growth in the workforce. At insurance levels below a certain threshold, the positive effects of (ii) dominate the negative effects of (i), leading to multipliers for private consumption and output that exceed zero and one. Similar results appear in a quantitative model scaled to match microestimates on the consumption cost of unemployment.