Fiscal Multipliers and Financial Crises
研究了美国应对大衰退的财政政策效果，发现若无此政策，消费下降幅度将扩大三分之一，累计损失达7.18%，其中转移支付和银行资本重组通过家庭与银行资产负债表的联动产生了最大乘数效应。
Abstract I study the effects of the U.S. fiscal policy response to the Great Recession, accounting for both standard tools and financial sector interventions. A nonlinear model calibrated to the United States allows me to study the state-dependent effects of different fiscal policies. I combine the model with data on the fiscal policy response to find that the fall in consumption would have been one-third larger in the absence of that response, for a cumulative loss of 7.18%. Transfers and bank recapitalizations yielded the largest fiscal multipliers through new transmission channels that arise from linkages between household and bank balance sheets.