摘要翻译：
本文提出了一种新的经济周期模型。该模型是经济的，因为它用总需求-总供给图求解，冲击和政策的影响是通过比较静力学得到的。该模型建立在两个非常规假设的基础上。首先，生产者和消费者通过匹配功能相遇。因此，该模型以失业为特征，失业随着总需求和总供给的冲击而波动。其次，财富进入效用函数，因此模型允许永久的零下限事件。在模型中，最优货币政策是将利率设定在消除失业差距的水平上。这个最优利率是根据当前的失业缺口和货币乘数（名义利率对失业率的影响）计算出来的。如果失业差距过大，货币政策无法在达到零下限之前消除它，但财产税可以。
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英文标题：
《An Economical Business-Cycle Model》
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作者：
Pascal Michaillat, Emmanuel Saez
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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：Theoretical Economics        理论经济学
分类描述：Includes theoretical contributions to Contract Theory, Decision Theory, Game Theory, General Equilibrium, Growth, Learning and Evolution, Macroeconomics, Market and Mechanism Design, and Social Choice.
包括对契约理论、决策理论、博弈论、一般均衡、增长、学习与进化、宏观经济学、市场与机制设计、社会选择的理论贡献。
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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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英文摘要：
  This paper develops a new model of business cycles. The model is economical in that it is solved with an aggregate demand-aggregate supply diagram, and the effects of shocks and policies are obtained by comparative statics. The model builds on two unconventional assumptions. First, producers and consumers meet through a matching function. Thus, the model features unemployment, which fluctuates in response to aggregate demand and supply shocks. Second, wealth enters the utility function, so the model allows for permanent zero-lower-bound episodes. In the model, the optimal monetary policy is to set the interest rate at the level that eliminates the unemployment gap. This optimal interest rate is computed from the prevailing unemployment gap and monetary multiplier (the effect of the nominal interest rate on the unemployment rate). If the unemployment gap is exceedingly large, monetary policy cannot eliminate it before reaching the zero lower bound, but a wealth tax can.
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PDF链接：
https://arxiv.org/pdf/1912.07163