Interest Rate Cuts vs. Stimulus Payments: An Equivalence Result
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https://www.nber.org/papers/w29193
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资源简介：
In a textbook New Keynesian model extended to allow for uninsurable household income risk, any path of inflation and output implementable via interest rate policy is similarly implementable through uniform lump-sum transfers ("stimulus checks"). A dual-mandate policymaker can thus use checks to
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美国国家经济研究局创建时间：
2021-08-01
