Unconventional monetary and fiscal policy
构建了一个易处理的新凯恩斯模型，研究四种货币与财政政策，发现量化宽松与税收融资的财政转移或政府支出对总体经济影响相似，但常规货币政策更易引发通胀，且量化宽松和转移支付具有再分配效应。
We build a tractable New Keynesian model to jointly study four types of monetary and fiscal policy. We find quantitative easing (QE) and tax-financed fiscal transfers or government spending have similar effects on the aggregate economy. Compared with these three policies, conventional monetary policy is more inflationary. QE and transfers have redistribution consequences, whereas others do not. Ricardian equivalence breaks: tax-financed fiscal policy is more stimulative than debt-financed policy. Finally, we study optimal policy coordination and find that adjusting two types of policy instruments can stabilize three targets simultaneously: inflation , the aggregate output gap, and cross-sectional consumption dispersion.