货币融资的财政刺激是否可取?

Banque de France Research Paper Series Pub Date : 2021-06-01 DOI:10.2139/ssrn.3868958

C. Punzo, L. Rossi

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引用次数: 2

摘要

我们分析了在借款人-储蓄者框架下货币融资与债务融资财政刺激的再分配渠道。当我们考虑货币融资的财政刺激时，再分配渠道会更大。然而，它也比债务融资的财政刺激产生更大的福利损失，特别是在借款人-储蓄者框架下，由于相对于代表性代理模型，消费缺口的额外存在。

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Is a Money-financed Fiscal Stimulus Desirable?

We analyse the redistribution channel of a money-financed versus debt-financed fiscal stimulus in a Borrower-Saver frammework. The redistribution channel is larger when we consider a money-financed fiscal stimulus. However, it generates also larger welfare losses than a debt-financed fiscal stimulus, particularly in a borrower-saver framework due to the additional presence of the consumption gap with respect to a representative agent model.

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Banque de France Research Paper Series

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