Stabilization vs. Redistribution: The optimal monetary–fiscal mix
在一个存在异质性、不完全保险和名义刚性的模型中，研究了政府支出与税收分配变化如何影响货币政策与财政政策的权衡，并探讨了最优政策组合。
Stabilization and redistribution are intertwined in a model with heterogeneity, imperfect insurance, and nominal rigidity---making fiscal and monetary policy inextricably linked. Changes in government spending that are associated with changes in the distribution of taxes (progressive vs. regressive) induce a tradeoff for monetary policy: the central bank cannot stabilize real activity at its efficient level (including insurance) and simultaneously avoid inflation. Fiscal policy can be used in conjunction to monetary policy to strike the optimal balance between stabilization and insurance (redistribution) motives.