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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...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2009.
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| Colección: | IMF working paper ;
WP/09/137. |
| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- 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
- 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