Econ Papers Daily / 期刊论文
消费刺激政策的福利与支出效应
Welfare and spending effects of consumption stimulus policies
摘要
Using a heterogeneous agent model calibrated to match spending dynamics over four years following an income shock (Fagereng, Holm, and Natvik (2021)), we assess the effectiveness of three fiscal stimulus policies implemented during recent recessions. Unemployment insurance (UI) extensions are the “bang for the buck” winner when the metric is effectiveness in boosting utility. Stimulus checks are second‐best and have two advantages (over UI): they arrive faster, and are scalable. A temporary (two‐year) cut in wage taxation is considerably less effective than the other policies and has negligible effects in the version of our model without a multiplier.
中文摘要
我们利用一个异质性主体模型（该模型根据Fagereng、Holm和Natvik（2021）的收入冲击后四年内的支出动态进行校准），评估了近期经济衰退期间实施的三项财政刺激政策的有效性。以提升效用的有效性为衡量标准时，延长失业保险期限是“性价比”最高的政策。刺激性支票次之，并具有两大优势（相较于失业保险）：发放速度更快且具有可扩展性。临时性（为期两年）的工资税削减政策效果远低于其他两项政策，且在我们模型的无乘数版本中影响微乎其微。