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1、AmericanEconomicReview:Papers&Proceedings100(May2010):35–40http://www.aeaweb.org/articles.php?doi=10.1257/aer.100.2.35FiscalPolicyinaModelWithFinancialFrictionsByJesúsFernández-Villaverde*Whataretheeffectsoffiscalpolicyinthewherectisconsumption,lthourswor
2、ked,ptthepresenceoffinancialfrictions?Thisquestionispricelevel,mt−1/ptrealmoneybalancescarriedparticularlyrelevantgiventhegreatrecessionofintotheperiod,βthediscountfactor,hhabit2008–2009,howforcefullysomegovernmentspersistence,andϕtanintertemporalpreferen
3、cehaveresortedtofiscalstimulusoverthelasttwoshockwithlawofmotion:yearstofightit,andthewidespreadviewthatfinancialmarketshaveplayedadecisiveroleinϕt=ρdϕt−1+εϕ,t,εϕ,t∼ (0,σϕ).ourcurrenteconomicproblems.Toanalyzethistopic,Ibuildadynamicstochasticgeneralequi
4、-Theintertemporalshockallowsmetoaccountlibrium(DSGE)modelwithfinancialfrictionsforshiftsinaggregatedemandinasimpleway.andfiscalpolicy,calibrateittoobservationsofThehouseholdcansaveusing:theUSeconomy,andcomputetheresponseofoutputtoseveralfiscalshocks.•Mone
5、ybalancestocarryintothenextperiod,mt.I. ADSGEModelwithFinancialFrictionsandFiscalPolicy•Nominaldepositsatthefinancialinterme-diary,at,whichpayanuncontingentnomi-Duetospaceconstraints,IwillonlybrieflynalgrossinterestrateRt.describethemainelementsofthemodel
6、thatIemployformyinvestigation.Theinterestedreader•Nominalpublicdebt,dt,whichyieldsancanfindamoredetailedexpositioninFernández-uncontingentnominalgrossreturnRdt.Villaverde(2010).Sufficeittosayintermsofmotivationthatthemodelisbasedonthework•Arrowsecuritieso
7、verallpossibleeventsofBenS.Bernanke,MarkGertler,andSimon(which,however,IdonotincludeexplicitlyGilchrist(1999)andLawrenceJ.Christiano,inthenotationsincetheyareinzeronetRobertoMotto,andMassimoRostagno(2009)supply).thathassuccessfullybeenappliedtostudybusi-n
8、esscycledynamics.Themodelhasarepresen-Giventheportfoliopossibilities,thehouse-tativehousehold,finalandintermediategoodhold’sbudgetconstraintis:producers,producersofcapital,entrepreneurs,atdtmtfinancialintermediaries
