Is Government Spending at the Zero Lower Bound Desirable?
构建DSGE模型校准美国大衰退数据，评估零利率下限下增加政府消费的福利效应，发现2008年后政府消费增加接近最优，提前刺激可改善福利。
We build a medium-scale DSGE model and calibrate it to fit the main macroeconomic variables during the US Great Recession. Using it to evaluate the welfare effects of increasing government consumption at the zero lower bound beyond what was actually observed in the data, we reach three main results. First, the increase in government consumption after 2008, albeit small in present value terms, was close to optimal. Second, frontloading the same stimulus would have been welfare-improving. Third, larger welfare effects occur in our model for parameter values implying either large welfare costs of modest recessions (e.g., high consumption curvature), or outright large recessions.