The Intertemporal Keynesian Cross
将传统的静态凯恩斯交叉推广到跨期情形，推导出政府支出和税收对产出的动态响应，发现跨期边际消费倾向是决定财政乘数的关键统计量，且实证数据与异质性主体模型更吻合。
We generalize the traditional, static Keynesian cross by deriving an intertemporal Keynesian cross for the dynamic output response to government spending and taxes in microfounded general equilibrium models. Intertemporal marginal propensities to consume (iMPCs) are sufficient statistics for this response, with fiscal multipliers depending only on the interaction between iMPCs and public deficits. We provide empirical estimates of iMPCs and argue that they are inconsistent with representative agent or two-agent models but can be matched by certain heterogeneous agent models. Models that match empirical iMPCs imply larger and more persistent output responses to deficit-financed fiscal policy, with cumulative spending multipliers above 1.