| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1468 |
| DP1468 Promoting an Effective Market Economy in a Changing World | |
| Nicholas Stern; Willem Buiter; Ricardo Lago | |
| 发表日期 | 1996-10-31 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | We use a new theory of price determination ? developed by Woodford, Simms and others ? to characterize central bank independence and price stability. If fiscal policy guarantees that the price level is determined independently of government?s present value budget constraint, we can say that the central bank is operating in a monetary dominant regime; it has the ?functional independence? necessary to control the price level independently of the dictates of fiscal solvency (if it so chooses), and it can be held accountable for price stability (if that is its mandate). If fiscal policy does not allow this, we say the central bank is operating in a fiscal dominant regime. Numerical exercises suggest that price stability may be beyond the control of the central bank in such a regime. We show that strict enforcement of the Maastricht Treaty?s deficit criterion would ensure a monetary dominant regime. |
| 主题 | International Macroeconomics |
| 关键词 | Central bank independence Monetary and fiscal policy Price discrimination |
| URL | https://cepr.org/publications/dp1468 |
| 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/530625 |
| 推荐引用方式 GB/T 7714 | Nicholas Stern,Willem Buiter,Ricardo Lago. DP1468 Promoting an Effective Market Economy in a Changing World. 1996. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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