Unconventional Fiscal Policy at the Zero Bound

被引：117

作者：

Correia, Isabel ^{[1
,2
]}

Farhi, Emmanuel ^{[3
]}

Nicolini, Juan Pablo ^{[4
,5
]}

Teles, Pedro ^{[1
,2
]}

机构：

[1] DEE, Banco Portugal, P-1150165 Lisbon, Portugal

[2] Univ Catolica Portuguesa, Barga, Portugal

[3] Harvard Univ, Dept Econ, Cambridge, MA 02138 USA

[4] Fed Reserve Bank Minneapolis, Res Dept, Minneapolis, MN 55480 USA

[5] Univ Tella, Buenos Aires, DF, Argentina

来源：

AMERICAN ECONOMIC REVIEW | 2013年 / 103卷 / 04期

关键词：

MONETARY-POLICY; PUBLIC PRODUCTION; OPTIMAL TAXATION;

D O I：

10.1257/aer.103.4.1172

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

When the zero lower bound on nominal interest rates binds, monetary policy cannot provide appropriate stimulus. We show that, in the standard New Keynesian model, tax policy can deliver such stimulus at no cost and in a time-consistent manner. There is no need to use inefficient policies such as wasteful public spending or future commitments to low interest rates. (JEL E12, E43, E52, E62, H20)

引用

页码：1172 / 1211

页数：40

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