G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w27118
来源IDWorking 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
URLhttps://www.nber.org/papers/w27118
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/584791
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Saki Bigio,Mengbo Zhang,Eduardo Zilberman. Transfers vs Credit Policy: Macroeconomic Policy Trade-offs during Covid-19. 2020.
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