I examine the effect of fiscal policy at the zero lower bound when households have preferences over safe assets (POSA) parameterized consistent with microeconomic evidence on intertemporal choices and the macroeconomic elasticity between US government debt supply and bond yields. POSA loosen the link between household consumption and permanent-income, and imply a wealth effect from government bonds. Therefore, the multiplier of a permanent expenditure change increases. I show that these conclusions carry over to an estimated DSGE model. POSA improves the empirical fit of the model if the dataset includes forward interest rates on top of fiscal and macroeconomic data.

当家庭对安全资产（POSA）的偏好参数化时，我研究了财政政策在零下限的影响，该资产的合理性与关于跨期选择的微观经济学证据以及美国政府债务供给和债券收益之间的宏观经济弹性相一致。POSA放松了家庭消费与永久收入之间的联系，并暗示了政府债券带来的财富效应。因此，永久性支出变化的乘数增加。我证明了这些结论可用于估计的DSGE模型。如果数据集在财政和宏观经济数据的基础上包含远期利率，则POSA可以改善模型的经验拟合。