| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29193 |
| 来源ID | Working Paper 29193 |
| Interest Rate Cuts vs. Stimulus Payments: An Equivalence Result | |
| Christian K. Wolf | |
| 发表日期 | 2021-08-30 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | In a textbook New Keynesian model extended to allow for uninsurable household income risk, any path of inflation and output implementable via interest rate policy is similarly implementable through uniform lump-sum transfers ("stimulus checks"). A dual-mandate policymaker can thus use checks to perfectly substitute for conventional monetary policy when rates are constrained by a lower bound. In a quantitative heterogeneous-agent (HANK) model, the stimulus check policy that implements a given monetary allocation is well-characterized by a small number of measurable sufficient statistics. In the household cross-section, the transfer policy is associated with lower consumption inequality than the equivalent rate cut. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Fiscal Policy |
| URL | https://www.nber.org/papers/w29193 |
| 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/586866 |
| 推荐引用方式 GB/T 7714 | Christian K. Wolf. Interest Rate Cuts vs. Stimulus Payments: An Equivalence Result. 2021. |
| 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 | ||
| w29193.pdf（764KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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