Replication data for: Unconventional Fiscal Policy at the Zero Bound

When the zero lower bound on nominal interest rates binds, monetary policy cannot provide appropriate stimulus. We show that, in the standard New Keynesian model, tax policy can deliver such stimulus at no cost and in a time-consistent manner. There is no need to use inefficient policies such as wasteful public spending or future commitments to low interest rates.

当名义利率零下限（zero lower bound on nominal interest rates）约束生效时，货币政策无法提供适度的政策刺激。本文证明，在标准新凯恩斯模型（New Keynesian Model）框架下，税收政策能够以无成本且符合时间一致性（time-consistent）的方式实现此类刺激。无需采用浪费性公共支出或是未来承诺维持低利率这类低效政策。