The Liquidity Channel of Fiscal Policy
研究发现扩张性财政政策会降低公共债务与低流动性资产之间的回报差异（流动性溢价），并通过一个包含不完全市场和投资组合选择的异质性主体新凯恩斯模型解释这一机制，该流动性渠道稳定了固定资本投资。
We provide evidence that expansionary fiscal policy lowers return differences between public debt and less liquid assets-the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian model with incomplete markets and portfolio choice, in which public debt affects private liquidity. This liquidity channel stabilizes fixed-capital investment. We then quantify the long-run effects of higher public debt and find little crowding out of capital, but a sizable decline of the liquidity premium, which increases the fiscal burden of debt. We show that the revenue-maximizing level of public debt is positive and has increased to 60 percent of GDP post-2010.