"Growth and Welfare Consequences of Monetary and Fiscal Policy"

在过去的十年里，关于政府政策作用的讨论 发生了巨大的变化 有一段时间， 政策对两者都有独立而重要的作用 货币和财政政策，以影响商业周期， 经济增长 近年来，政府政策的作用 尤其是货币政策， 有限公司 许多关于商业周期的研究都是 在商业周期发生的模型中， 技术冲击的结果， 任何形式的扭曲。 因此，周期的原因是真实的， 起源 一个独立但相关的文献链已经研究了 在新的视角下，使用新的技术， 从政府政策的任何具体角色中抽象出来。 的 本课题的目的是分析政府的作用，即： 在真实的企业背景下的货币和财政政策 循环模型 特别是，政策对 聚合时间序列的统计特性与社会 福利分析。 这项研究很重要，因为它将 更好地理解真实的和 影响经济波动和长期的货币因素 增长

In the past decade, discussions of the role of government policy have changed rather dramatically. At one time, discussions of policy held out independent and significant roles for both monetary and fiscal policy to influence both business cycles and economic growth. In recent years, the role of government policy in general and monetary policy in particular is seen as much more limited. Much of the research on business cycles has been framed in the context of models where business cycles occur as the result of technology shocks in models that are free of distortions of any kind. Thus, the cause of the cycle is real in origin. A separate but related strand of literature has examined the process of growth in a new light, using new techniques, but abstracting from any concrete role for government policy. The purpose of this project is to analyze the role of government, ie. monetary and fiscal policy, in the context of a real business cycle model. In particular, the effects of policy on the statistical properties of aggregate time series and societal welfare are analyzed. This research is important because it will provide a better understanding of the relative roles of real and monetary factors in affecting economic fluctuations and long term growth.