(Re)Evaluating recent macroeconomic policy in the US
构建并估计美国小规模DSGE模型，分析零利率下限时期，发现财政政策目标变化、财政刺激或临时价格水平目标可部分摆脱零利率下限，但2020年零利率下限持续时间过长，特朗普-拜登财政刺激具有通胀性，但通胀主因是新冠冲击的持续影响。
We build and estimate a small-scale DSGE mogement of the University of Porto, Rua Dr. Roberto Frias S/N, 4200-464 Porto, Portugaldel of the US, where policy is described as the strategic interaction between monetary and fiscal policy makers following targeting rules. We use this model to analyse the two episodes where interest rates hit their zero lower bound (ZLB). We find that changing fiscal policy objectives, adopting suitably designed fiscal packages or a temporary price level target could have generated a partial lift-off from the ZLB following the financial crisis. However, under the latter two devices we would have returned to the ZLB. We find that the duration of the ZLB of 2020 was two quarters too long, and the Trump-Biden fiscal stimulus was inflationary, but even taken together, these factors do not wholly explain the subsequent hike in inflation, which instead is predominantly due to the lingering effects of Covid-era shocks.