資源描述:
《aer.100.2.35 Fiscal Policy in a Model with Financial Frictions (1)》由會(huì)員上傳分享,免費(fèi)在線閱讀,更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫。
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,and?tanintertemporalpreferencehaveresortedtofiscalstimul
3、usoverthelasttwoshockwithlawofmotion:yearstofightit,andthewidespreadviewthatfinancialmarketshaveplayedadecisiverolein?t=ρd?t?1+ε?,t,ε?,t~??(0,σ?).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