| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27118 |
| 来源ID | Working Paper 27118 |
| Transfers vs Credit Policy: Macroeconomic Policy Trade-offs during Covid-19 | |
| Saki Bigio; Mengbo Zhang; Eduardo Zilberman | |
| 发表日期 | 2020-05-11 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The Covid-19 crisis has lead to a reduction in the demand and supply of sectors that produce goods that need social interaction to be produced or consumed. We interpret the Covid-19 shock as a shock that reduces utility stemming from “social” goods in a two-sector economy with incomplete markets. We compare the advantages of lump-sum transfers versus a credit policy. For the same path of government debt, transfers are preferable when debt limits are tight, whereas credit policy is preferable when they are slack. A credit policy has the advantage of targeting fiscal resources toward agents that matter most for stabilizing demand. We illustrate this result with a calibrated model. We discuss various shortcomings and possible extensions to the model. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Fiscal Policy ; COVID-19 |
| URL | https://www.nber.org/papers/w27118 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584791 |
| 推荐引用方式 GB/T 7714 | Saki Bigio,Mengbo Zhang,Eduardo Zilberman. Transfers vs Credit Policy: Macroeconomic Policy Trade-offs during Covid-19. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27118.pdf（973KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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