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DOES FISCAL POLICY MATTER? BLINDER AND SOLOW REVISITED

机译：财政政策是否重要？盲目性和低调性

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摘要

This paper uses the old Keynesian representative agent model developed by Roger E. A. Farmer [Expectations, Employment and Prices. New York: Oxford University Press (2010)] to answer two questions: (1) Do increased government purchases crowd out private consumption? (2) Do increased government purchases reduce unemployment? Farmer compared permanent tax-financed expenditure paths and showed that the answer to (1) was yes and the answer to (2) was no. We generalize his result to temporary bond-financed paths of government purchases that are similar to the actual path that occurred during WWII. We find that a temporary increase in government purchases does crowd out private consumption expenditure as in Farmer. However, in contrast to Farmer's experiment, we find that a temporary increase in government purchases can also reduce unemployment.
机译：本文使用由Roger E. A. Farmer开发的旧的凯恩斯代表代理模型[期望，就业和价格。纽约：牛津大学出版社（2010）回答两个问题：（1）政府购买量增加是否挤走了私人消费？ （2）增加政府购买可以减少失业吗？农民比较了永久性税收资助的支出路径，结果表明，（1）的答案为是，而（2）的答案为否。我们将他的结果推广到类似于第二次世界大战期间发生的政府购买的临时债券融资途径。我们发现，政府购买的暂时增加确实排挤了私人消费支出，就像农民中那样。但是，与法默（Farmer）的实验相反，我们发现政府购买的暂时增加也可以减少失业。

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  • 来源
    《Macroeconomic dynamics》 |2012年第1期|p.149-166|共18页
  • 作者

    Roger E. A. Farmer; Dmitry Plotnikov;

  • 作者单位

    Department of Economics, University of California, Los Angeles, 8283 Bunche Hall, Los Angeles, CA 90095-1477, USA;

    Department of Economics, University of California, Los Angeles, 8283 Bunche Hall, Los Angeles, CA 90095-1477, USA;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    unemployment; fiscal policy; crowding out;

    机译：失业;财政政策;挤出;

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