The Global Life-Cycle Optimizer – Analyzing Fiscal Policy's Potential to Dramatically Distort Labor Supply and Saving

Fiscal policy in the U.S. and other countries renders intertemporal budgets non-differentiable, non-convex, and discontinuous. Consequently, assessing work and saving responses to policy requires global optimization. This paper develops the Global Life-Cycle Optimizer (GLO), which robustly and

美国及其他国家的财政政策致使跨期预算约束不可微、非凸且不连续。因此，评估劳动供给与储蓄行为对政策的响应需要采用全局优化方法。本文开发了全局生命周期优化器（Global Life-Cycle Optimizer，GLO），其具备稳健且