DSGE models based on New Keynesian principles, which have been extended to allow for banking, the zero lower bound on interest rates (ZLB), and varying price duration, can account well for recent macroeconomic behavior across a variety of economies. These models find that active fiscal policy can contribute to macroeconomic stability and welfare by reducing the frequency of hitting the ZLB. Fiscal policy can also share the stabilisation role with monetary policy, whose effectiveness under the ZLB is much reduced.

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财政政策的作用——近期实证研究结果调查

基于新凯恩斯主义原理的 DSGE 模型已扩展到允许银行业、零利率下限 (ZLB) 和不同的价格期限，可以很好地解释各个经济体近期的宏观经济行为。这些模型发现，积极的财政政策可以通过降低触及零利率的频率来促进宏观经济稳定和福利。财政政策还可以与货币政策共同发挥稳定作用，但货币政策在零利率下限下的有效性会大大降低。