中文摘要
我们构建了一个易于处理的新凯恩斯模型,以联合研究四类货币与财政政策。我们发现,量化宽松(QE)与税收融资的财政转移支付或政府支出对总体经济具有相似的影响。与这三种政策相比,常规货币政策的通胀效应更强。量化宽松和转移支付具有再分配效应,而其他政策则没有。李嘉图等价失效:税收融资的财政政策比债务融资的政策更具刺激性。最后,我们研究最优政策协调,发现调整两类政策工具可以同时稳定三个目标:通胀、总体产出缺口以及横截面消费离散度。
Abstract
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.