Jointly optimal monetary and fiscal policy rules under borrowing constraints /

We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowing constrained agents, rath...

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Bibliographic Details
Call Number:Libro Electrónico
Main Authors: Bi, Huixin (Author), Kumhof, Michael (Author)
Corporate Author: International Monetary Fund. Research Department
Format: Electronic eBook
Language:Inglés
Published: [Washington, D.C.] : International Monetary Fund, ©2009.
Series:IMF working paper ; WP/09/286.
Subjects:
Monetary policy > Econometric models.
Fiscal policy > Econometric models.
Loans > Econometric models.
Credit > Econometric models.
Politique monétaire > Modèles économétriques.
Politique fiscale > Modèles économétriques.
Prêts > Modèles économétriques.
Crédit > Modèles économétriques.
Credit > Econometric models
Fiscal policy > Econometric models
Loans > Econometric models
Monetary policy > Econometric models
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