资源描述：
《aer.100.2.35 Fiscal Policy in a Model with Financial Frictions (1)》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、AmericanEconomicReview:Papers&Proceedings100(May2010):35–40http://www.aeaweb.org/articles.php?doi=10.1257/aer.100.2.35FiscalPolicyinaModelWithFinancialFrictionsByJesúsFernández-Villaverde*Whataretheeffectsoffiscalpolicyinthewherectisconsumption,lthoursworked,pttheprese
2、nceoffinancialfrictions?Thisquestionispricelevel,mt−1/ptrealmoneybalancescarriedparticularlyrelevantgiventhegreatrecessionofintotheperiod,βthediscountfactor,hhabit2008–2009,howforcefullysomegovernmentspersistence,andϕtanintertemporalpreferencehaveresortedtofiscalstimul
3、usoverthelasttwoshockwithlawofmotion:yearstofightit,andthewidespreadviewthatfinancialmarketshaveplayedadecisiveroleinϕt=ρdϕt−1+εϕ,t,εϕ,t∼ (0,σϕ).ourcurrenteconomicproblems.Toanalyzethistopic,Ibuildadynamicstochasticgeneralequi-Theintertemporalshockallowsmetoaccountlib
4、rium(DSGE)modelwithfinancialfrictionsforshiftsinaggregatedemandinasimpleway.andfiscalpolicy,calibrateittoobservationsofThehouseholdcansaveusing:theUSeconomy,andcomputetheresponseofoutputtoseveralfiscalshocks.•Moneybalancestocarryintothenextperiod,mt.I. ADSGEModelwithFi
5、nancialFrictionsandFiscalPolicy•Nominaldepositsatthefinancialinterme-diary,at,whichpayanuncontingentnomi-Duetospaceconstraints,IwillonlybrieflynalgrossinterestrateRt.describethemainelementsofthemodelthatIemployformyinvestigation.Theinterestedreader•Nominalpublicdebt,dt
6、,whichyieldsancanfindamoredetailedexpositioninFernández-uncontingentnominalgrossreturnRdt.Villaverde(2010).Sufficeittosayintermsofmotivationthatthemodelisbasedonthework•ArrowsecuritiesoverallpossibleeventsofBenS.Bernanke,MarkGertler,andSimon(which,however,Idonotinclude
7、explicitlyGilchrist(1999)andLawrenceJ.Christiano,inthenotationsincetheyareinzeronetRobertoMotto,andMassimoRostagno(2009)supply).thathassuccessfullybeenappliedtostudybusi-nesscycledynamics.Themodelhasarepresen-Giventheportfoliopossibilities,thehouse-tativehousehold,fina
8、landintermediategoodhold’sbudgetconstraintis:producers,producersofcapital,entrepreneurs,atdtmtfinancialintermediaries
