摘要翻译：
在大衰退期间，美国民主党人认为，政府支出可以用来“润滑”经济，以创造财富和增加就业；另一方面，共和党人认为政府支出是浪费，阻碍了投资，从而增加了失业率。今天，在2020年，我们发现自己正处于另一场危机之中，政府支出和财政刺激再次被视为解决方案。本文通过对Radner&Shepp(1996)模型的推广，提出了一个最优控制问题来解决这个问题。该模式允许公司不断向政府借款。证明了存在一个最优策略；对其最优性给出了严格的验证证明。我们继续证明政府贷款增加了公司的预期净值。我们还考察了接受财政刺激的企业之间不同获利行为的后果。
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英文标题：
《Fiscal stimulus as an optimal control problem》
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作者：
Philip A. Ernst, Michael B. Imerman, Larry Shepp, and Quan Zhou
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最新提交年份：
2021
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分类信息：

一级分类：Economics        经济学
二级分类：General Economics        一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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英文摘要：
  During the Great Recession, Democrats in the United States argued that government spending could be utilized to "grease the wheels" of the economy in order to create wealth and to increase employment; Republicans, on the other hand, contended that government spending is wasteful and discouraged investment, thereby increasing unemployment. Today, in 2020, we find ourselves in the midst of another crisis where government spending and fiscal stimulus is again being considered as a solution. In the present paper, we address this question by formulating an optimal control problem generalizing the model of Radner & Shepp (1996). The model allows for the company to borrow continuously from the government. We prove that there exists an optimal strategy; rigorous verification proofs for its optimality are provided. We proceed to prove that government loans increase the expected net value of a company. We also examine the consequences of different profit-taking behaviors among firms who receive fiscal stimulus.
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PDF链接：
https://arxiv.org/pdf/1410.6084