Fiscal Stimulus with Imperfect Expectations: Spending vs. Tax Policy
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This paper addresses the question: how sensitive is the power of fiscal policy at the ZLB to the assumption of rational expectations? We do so through the lens of a standard NK model in which people are dynamic-level-k thinkers. Our analysis weakens the case for using government spending to
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美国国家经济研究局创建时间：
2021-08-01
