Interest Rate Cuts versus Stimulus Payments: An Equivalence Result
推导出消费者行为的一般条件，使得在标准需求决定产出模型中，任何可通过利率政策实现的通胀与产出路径也能通过时变统一转移支付实现，并量化了转移政策的充分统计量。
I derive a general condition on consumer behavior ensuring that, in a standard model of demand-determined output, any path of inflation and output that is implementable via interest rate policy is also implementable through time-varying uniform transfers. In an analytical model with occasionally binding borrowing constraints, my condition holds generically. In a quantitative heterogeneous-agent model, the transfer policy that closes any given demand shortfall is furthermore well characterized by a small number of measurable sufficient statistics. My results extend to environments with investment if transfers are supplemented by another standard fiscal tool: bonus depreciation.