Optimal monetary and fiscal policy with limited asset market participation /

This paper characterises the jointly optimal monetary and fiscal stabilisation policy in a new Keynesian model that allows for consumers who lacking access to asset markets consume their disposable income each period. With full asset market participation, the optimal policy relies entirely on the in...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Stehn, Sven Jari (Autor)
Autor Corporativo: International Monetary Fund. European Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, ©2009.
Colección:IMF working paper ; WP/09/137.
Temas:
Consumption (Economics) > Government policy.
Fiscal policy.
Politique fiscale.
Consumption (Economics) > Government policy
Fiscal policy
Acceso en línea:Texto completo

MARC

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245 1 0 |a Optimal monetary and fiscal policy with limited asset market participation /  |c prepared by Sven Jari Stehn. 
260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c ©2009. 
300 |a 1 online resource (34 pages) :  |b color illustrations 
336 |a text  |b txt  |2 rdacontent 
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490 1 |a IMF working paper,  |x 2227-8885 ;  |v WP/09/137 
504 |a Includes bibliographical references (pages 33-34). 
588 0 |a Print version record. 
520 |a This paper characterises the jointly optimal monetary and fiscal stabilisation policy in a new Keynesian model that allows for consumers who lacking access to asset markets consume their disposable income each period. With full asset market participation, the optimal policy relies entirely on the interest rate to stabilise cost-push shocks and government expenditure is not changed. When asset market participation is limited, there is a case for fiscal stabilisation policy. Active use of public spending raises aggregate welfare because it enables a more balanced distribution of the stabilisatio. 
506 |3 Use copy  |f Restrictions unspecified  |2 star  |5 MiAaHDL 
533 |a Electronic reproduction.  |b [Place of publication not identified] :  |c HathiTrust Digital Library,  |d 2011.  |5 MiAaHDL 
538 |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.  |u http://purl.oclc.org/DLF/benchrepro0212  |5 MiAaHDL 
583 1 |a digitized  |c 2011  |h HathiTrust Digital Library  |l committed to preserve  |2 pda  |5 MiAaHDL 
505 0 |a I. Introduction; II. The Baseline Model; A. Households; B. Firms and Price Setting; C. Fiscal Policy; D. Aggregation and Market Clearing; E. Steady State and Linearisation; III. Equilibrium, Calibration and Determinacy; A. Equilibrium; B. Calibration; C. Determinacy; IV. Optimal Policy; Figures; 1. Determinacy in the baseline model; A. Social Welfare; B. Optimal Monetary Policy with Exogenous Fiscal Policy; C. Jointly Optimal Monetary and Fiscal Policy; 2. Optimal feedback coeffcients for different values of; 3. Impulse responses to a persistent cost-push shock in the baseline model 
505 8 |a v. Extensions A. CRRA Preferences; B. Targeted Transfers; 4. Impulse responses to a persistent cost-push shock with CRRA utility, targeted transfers and equal lump-sum tax financing; C. Alternative Financing Assumptions; 5. Impulse responses to a persistent cost-push shock with government debt. .; VI. Conclusion; Appendix; A. Derivation of the Baseline Model; B. Derivation of the Social Welfare Function; C. Solving for Optimal Policy; D. Extensions; E. The 'non-Keynesian' Case; 6. Determinacy for the 'non-Keynesian case; References 
546 |a English. 
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650 0 |a Consumption (Economics)  |x Government policy. 
650 0 |a Fiscal policy. 
650 6 |a Politique fiscale. 
650 7 |a Consumption (Economics)  |x Government policy  |2 fast 
650 7 |a Fiscal policy  |2 fast 
710 2 |a International Monetary Fund.  |b European Department. 
758 |i has work:  |a Optimal monetary and fiscal policy with limited asset market participation (Text)  |1 https://id.oclc.org/worldcat/entity/E39PCH6cpCBpFhppKXh6dF7tjC  |4 https://id.oclc.org/worldcat/ontology/hasWork 
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830 0 |a IMF working paper ;  |v WP/09/137. 
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