摘要：The aim of this paper is to explore dynamic impacts of a government spending shock on key macro-aggregates by
developing a neoclassical model of naiveté. The main finding reveals that the model of naiveté delivers much larger
present-value multipliers of output than a typical neoclassical model. Moreover, the model of naiveté can resolve the
consumption puzzle of government spending by producing the crowding-in effect on consumption. Dynamic responses
and multiplier effects of other variables are also discussed.
