| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1287 |
| DP1287 Is the Friedman Rule Optimal When Money is an Intermediate Good? | |
| Isabel Correia; Pedro Teles | |
| 发表日期 | 1996-02-29 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | Inflation and financing of public expenditure by are analysed in an OLG model where the deficit is constrained to be less than a given fraction of intergenerational savings. Even if there may be multiplicity of steady-state equilibria, we show that, with such a constraint, the dynamics with adaptive learning are globally convergent to a set of equilibria satisfying a local stability condition. We allow for heterogeneity of agents' learning rules and look at the role of some basic behavioural assumptions, such as a certain degree of random e-precautionary savings and inertia on agents' updating of beliefs. We also provide experimental evidence on the effect of public expenditure constraints on the stability of equilibria. |
| 主题 | International Macroeconomics |
| 关键词 | Experimental evidence Fiscal rules Hyperinflation |
| URL | https://cepr.org/publications/dp1287 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530473 |
| 推荐引用方式 GB/T 7714 | Isabel Correia,Pedro Teles. DP1287 Is the Friedman Rule Optimal When Money is an Intermediate Good?. 1996. |
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