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来源类型Working Paper
规范类型报告
DOI10.3386/w15021
来源IDWorking Paper 15021
Fiscal Policy Can Reduce Unemployment: But There is a Less Costly and More Effective Alternative
Roger E. A. Farmer
发表日期2009-05-28
出版年2009
语种英语
摘要This paper uses a model with a continuum of equilibrium steady state unemployment rates to explore the effectiveness of fiscal policy. The existence of multiple steady state equilibria is explained by the presence of search and recruiting costs. I use the model to explain the current financial crisis as a shift to a high unemployment equilibrium, induced by the self-fulfilling beliefs of market participants about asset prices. I ask two questions. 1) Can fiscal policy help us out of the crisis? 2) Is there an alternative to fiscal policy that is less costly and more effective? The answer to both questions is yes.
主题Macroeconomics ; Consumption and Investment
URLhttps://www.nber.org/papers/w15021
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/572697
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GB/T 7714
Roger E. A. Farmer. Fiscal Policy Can Reduce Unemployment: But There is a Less Costly and More Effective Alternative. 2009.
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