Is Government Spending at the Zero Lower Bound Desirable?
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Government spending at the zero lower bound (ZLB) is not necessarily welfare enhancing, even when its output multiplier is large. We illustrate this point in the context of a standard New Keynesian model. In that model, when government spending provides direct utility to the household, its optimal
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美国国家经济研究局创建时间：
2014-11-01
