Should the Fiscal Authority Avoid Implementation Lag?
用标准新凯恩斯模型研究财政刺激的实施滞后对产出的影响，发现经济陷入流动性陷阱时，实施滞后反而可能增强政府购买对产出的效果。
Abstract Implementation lags are a concern of policymakers as they may reduce the efficacy of fiscal policy. Using a standard New Keynesian model with an effective lower bound on the nominal interest rate, we compare the impacts of fiscal stimulus on output across various lengths of implementation lag. We show that despite concerns among policymakers, implementation lags may enhance the efficacy of government purchases on output when the economy is caught in a liquidity trap.